NZ Announces ASEAN Trade And Investment Plan

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

15 July 2013

The New Zealand Government's new ASEAN Strategy sets out "ambitious" investment, trade, and economic goals, Prime Minister John Key has said.

When taken as a bloc, the ten Association of South East Asian Nations (ASEAN) represent New Zealand's fourth largest trading partner. Total trade has risen by an average of 9 percent per annum over the past ten years.

The Strategy is one of a number focusing on countries or regions of key importance to New Zealand over the next five years. It is designed to provide the framework for governments and companies to work together in the region.

The aim is to boost New Zealand's exports to the ASEAN area by 40 percent by the end of 2017. It also sets out a strategy for increasing visitor expenditure from the region by two thirds, from NZD289m (USD224.5m) to NZD470m.

According to Key, "New Zealand needs to be making the most of a young, increasingly urban, affluent and quality conscious region only half the distance from our traditional European customers."

Key believes that New Zealand is in a "sound position to boost our relationship with the region. We have a free trade agreement in place, a strong shared history, and are geographically close."

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