Thailand – NZ Closer Economic Partnership Agreement leads to growing trade

The Thailand - New Zealand Closer Economic Partnership Agreement (TNZCEP) is delivering increased trade between our two countries, Trade Minister Tim Groser announced today.

Since coming into effect on 1 July 2005, bilateral merchandise trade had doubled to NZ$2.086 billion (US$1.58 billion) in the year to June 2011.

“This is a remarkable achievement given the difficult global economic environment in recent years,” Mr Groser said.

Mr Groser and Thailand’s Deputy Prime Minister and Minister of Commerce, Kittiratt Na-Ranong, met on 12 November in Honolulu to review the implementation and operation of the TNZCEP from 2005 to 2010.

The Ministers confirmed that the TNZCEP was delivering demonstrable trade and economic benefits to both countries through improved market access, improved customs procedures and trade facilitation, increased efficiency, and enhanced profitability, and the transfer of technology and skills for businesses.

“This has helped New Zealand businesses position themselves in the Thai market better than ever before.

“We are now looking to the future of the TNZCEP to see what improvements can be made, so that it continues to deliver benefits consistent with a modern 21st century trade and economic partnership," Mr Groser said.

A copy of the full Joint Ministerial Statement and the Joint Report, which assesses the benefits of the TNZCEP and the extent to which the objectives of the TNZCEP had been met, can be found at www.mfat.govt.nz.