New Impetus Behind New Zealand-Japan FTA Negotiations

by Mary Swire, Tax-News.com, Hong Kong

03 November 2009

The Prime Minister of Japan, Yukio Hatoyama, and the Prime Minister of New Zealand, John Key, have met in Tokyo to discuss, amongst other things, trade and investment between the two countries.

A statement from the two Prime Ministers announced that, in recognition of the long-standing trade and investment ties and complementary nature of the two countries' economies, they have resolved to move forward the bilateral trade and economic relationship. John Key was said to have briefed Yukio Hatoyama on New Zealand's ambitions for a future free trade agreement with Japan.

The Japan New Zealand Officials Group, which had already commenced a dialogue to enhance the economic relationship, has been instructed to deepen discussions in a constructive manner in order to take the proposition forward. However, it was reported that difficulties still existed around agricultural products, particularly beef and dairy.

It was also recognised that Japan and New Zealand are close partners in Asia-Pacific Economic Cooperation (APEC), and both strongly support APEC's goal of promoting regional prosperity through facilitation and liberalisation of trade and investment and regional economic integration.

That, it was said, included efforts for the examination of the creation of a possible Free Trade Area of the Asia-Pacific (FTAAP) region as a long-term prospect.

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