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Middle East conflict: Fuel and Petrochemical markets under stress
The Strait of Hormuz remains compromised and Iran continues to strike energy infrastructure in the Gulf, further squeezing global fuel supply. The price of Brent Crude is around US$116 per barrel, having traded as high as US$119 in the past week. The US announcing they will not be implementing a crude oil export ban has been the catalyst for the decrease in price. However, the continuing global instability means that the price of crude oil remains volatile, which flows through to fuel and production costs in New Zealand. Saudi officials are projecting prices could exceed US$180 a barrel by the end of next month if the war continues. Petrochemical markets are also under stress as the Middle East plays a central role in petrochemical feedstocks, chemicals and finished polymers. Prices for plastics have seen a sharp increase since the start of the conflict.
New Zealand hosts RCEP Joint Committee meeting in Wellington
From 16-18 March, New Zealand hosted the 12th RCEP Joint Committee meeting in Wellington. RCEP brings together New Zealand, Australia, the Republic of Korea, China, Japan and ASEAN, forming the largest free trade agreement in the world by population and GDP. For New Zealand, it also presents a significant opportunity to increase our exports to RCEP economies, part of the Government’s goal to double exports in 10 years. More than 60 delegates joined for discussions on the future direction of the agreement, including implementation, planning for the 2027 General Review, and accession processes. Alongside the formal programme, we convened a stakeholder roundtable with business representatives and academic experts to exchange ideas on how to strengthen the effectiveness of RCEP.
First CPTPP Senior Officials’ Meeting marks Viet Nam year as Chair
The first CPTPP Senior Officials’ Meeting (SOM 1) for 2026 was held 10–13 March in Ha Noi, marking the formal start of Viet Nam’s CPTPP Chairmanship year and bringing together senior officials from all 12 CPTPP Parties including New Zealand (with Mexico participating online). The meeting focused on priorities for 2026, including maintaining cooperation amid global trade uncertainty. Discussions set the groundwork for the year’s programme of work, involving expanding CPTPP through accessions, leveraging the agreement through Trade and Investment Dialogues with the EU and ASEAN, and modernising CPTPP rules through upgrade negotiations. Officials made positive progress on the accession of Costa Rica, and as well as continuing to lay the groundwork for the accessions of Uruguay, Indonesia, the Philippines and the United Arab Emirates. Further senior officials’ and ministers’ meetings will be scheduled this year.
European Union (EU) and Australia conclude free trade agreement negotiations
Negotiations concluded on 24 March 2026, ending nearly eight years of talks between the EU and Australia. The agreement will eliminate tariffs on nearly all goods, with 98% of Australian exports entering the EU duty free once fully implemented, while products such as beef and sheep meat will be subject to tariff free quotas rather than full liberalisation. It also includes strong provisions on services, investment, government procurement, digital trade, and critical minerals, supporting EU supply chain diversification and Australia’s clean energy exports. The deal is accompanied by a new security and defence partnership and a framework for cooperation on critical raw materials and research, including steps toward Australian association with Horizon Europe. Entry into force expected within the next two years.
Read More here: A-EU FTA Key outcomes and benefits | Australian Government Department of Foreign Affairs and Trade(external link) and Factsheet - EU-Australia Free Trade Agreement: Main benefits - Trade and Economic Security(external link)
Digital labelling trial on food products aims to increase competition
The Government has confirmed it will proceed with a 12 month digital food labelling trial to reduce barriers to entry and increase competition in the food retail market. The trial will allow a small number of approved retailers to temporarily use digital labels instead of full physical labels for lower risk, pre packaged imported foods, while maintaining full access to required consumer information online. Minister Willis and Minister Hoggard say physical labelling can be costly for smaller and new market entrants, and the trial aims to support lower costs, greater choice, and better outcomes for consumers without compromising standards. An expression of interest process is now open to select trial participants, with submissions closing on 8 April 2026, and results intended to inform future policy settings on digital food labelling within the Joint Food System that we share with Australia.
Read more here: Innovative digital labelling trial to progress | Beehive.govt.nz(external link)
Upcoming Events and Webinars
Next MFAT-NZTE webinar for exporters: Thursday 2 April
MFAT and NZTE will hold their next exporters webinar on Thursday 2 April. The purpose of these webinars is to provide exporters with updates on the current conflict in the Middle East and answer questions on the trade and economic impacts. The webinar will consist of presentations followed by a moderated Q&A, with answers provided by agency representatives from MFAT, Ministry of Business, Innovation and Employment, and Ministry of Transport.
Register now(external link)
Philippines Market Update Event – Auckland
The ASEAN-New Zealand Business Council (ANZBC), in collaboration with MFAT and NZTE, will hold a Philippines Market Update Event as part of the ANZBC’s 2026 Market Event Series. Guest speakers will provide an overview of the outlook on Philippines, key developments, market trends and opportunities, as well as the implications on New Zealand trade and business interests.
Speakers include:
- Cecilia Shand, NZTE Trade Commissioner to Philippines and Indonesia (in person)
- Stacey Kwant, MFAT Deputy Head of Mission Philippines (joining online)
- Mark Gibson, Senior Business Development Manager, New Zealand Earth Sciences (in person)
Mark will share their experience and learnings of doing business in the Philippines, and some of the opportunities and challenges of doing business in this ASEAN market.
Feedback
We welcome feedback from New Zealand exporters on this report and invite requests for reporting from New Zealand’s network of Embassies and High Commissions. If you have suggestions on a topic you would like to hear more about, or to subscribe to this weekly update, you can sign up here(external link) or email us at exports@mfat.govt.nz
Market reports released this week
- Read the previous global economic round-up
- Egypt Agri-Tech Landscape and Opportunities – March 2026
A full list of global economic round-ups can be found here(external link)
If you would like to request a topic for reporting please email exports@mfat.govt.nz
External links
The following links may provide useful information to businesses:
NZTE’s website(external link) and their myNZTE(external link) provides a range of insights and tools available to support New Zealand exporters.
The Treasury releases a weekly economic update(external link) every Friday. Stats NZ has published a data portal(external link) with near real-time economic indicators.
MBIE publishes a sector reports series(external link) which provides regularly updated reports on all industry sectors that make up the New Zealand economy. These include official economic data and the challenges and opportunities that face New Zealand’s industry sectors.
Business.govt.nz(external link) provides tools and advice from across government to save small businesses’ time and help make the business a success.
MFAT has created a tariff finder(external link) which is designed to help goods exporters and importers maximise benefits from New Zealand’s Free Trade Agreements and compare tariffs in 136 other markets.
The all of government Trade Barriers(external link) website can be used to register any trade barriers experienced or issues exporting to an offshore market. Queries can be sent via the website or through the MFAT Exporter Helpline 0800 824 605. Enquiries will be sent to the government agency best placed to answer.
Tatauranga Aotearoa Stats NZ provides official data on the value of New Zealand’s exports and imports of both goods and services, by commodity type via the New Zealand Trade Dashboard(external link). This interactive dashboard is updated every quarter and allows for filtering by country and by commodity type.
Sign up for email alerts
If you would like to subscribe to this weekly update, go to our subscription page(external link) or email us at exports@mfat.govt.nz
Learn more about exporting
New Zealand Trade & Enterprise’s comprehensive market guides(external link) cover export regulations, business culture, market-entry strategies and more.
Disclaimer
This information released in this report aligns with the provisions of the Official Information Act 1982. The opinions and analysis expressed in this report are the author’s own and do not necessarily reflect the views or official policy position of the New Zealand Government. The Ministry of Foreign Affairs and Trade and the New Zealand Government take no responsibility for the accuracy of this report.
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