Business / Economy

Shanghai G20 meeting vitally important for New Zealand trade: Minister

(Xinhua) Updated: 2016-07-11 15:52
WELLINGTON - New Zealand Trade Minister Todd McClay on Monday hailed the success of the G20 Trade Ministers Meeting in Shanghai, saying it would likely be extremely important for New Zealand trade interests.

"This was a positive meeting for our core interests in trade and investment," said McClay, who was one of only two non-G20 trade ministers invited by China to attend the meeting at the weekend.

"There is a clear political will to build on the successes of the World Trade Organization (WTO) Nairobi Ministerial last year, which agreed to eliminate agricultural export subsidies, and to make progress towards concluding an Environmental Goods Agreement," McClay said in a statement.

In respect of the WTO, G20 ministers had committed to advance negotiations in a number of areas, including on the trade-distorting effects of agricultural domestic support, which was vitally important to New Zealand's export interests and would be welcome news to its rural sector.

"While much remains to be done, this meeting has been a useful step in the process toward the next WTO ministerial in 2017," said McClay.

G20 ministers negotiating the WTO Environmental Goods Agreement also reaffirmed their intention to conclude an ambitious agreement and to do so quickly, seeking to finish later this year.

"New Zealand has been a strong advocate of the Environmental Goods Agreement and I have pushed for an outcome that has clear benefits for both trade and the environment whilst in Shanghai. A successful outcome in this area could be beneficial for New Zealand trade," he said.

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