New Zealand-Russia FTA : Another BRIIC in the wall - NZIER Insight 21
November 16, 2010
The Prime Minister and Trade Minister have announced that New Zealand will be entering free trade agreement (FTA) negotiations with Russia, Belarus and Kazakhstan (RBK) with the aim of concluding talks in 2012. NZIER modelling indicates the FTA will deliver gains of around $27 million to New Zealand. Dairy and meat exports to RBK will soar. More importantly it will position New Zealand close to one of the world’s emerging superpowers. It will ensure that we are never treated less favourably than Russia’s other trading partners. It is part of ensuring New Zealand continues to be a world trader. This announcement is a good example of how New Zealand’s trade policy is becoming increasingly strategic and long term in nature. It also emphasises the need to develop a new way of assessing the long term dynamic gains from trade agreements.