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14 A reserve bank for the environment Vol 22 No 10, March 18, 2024
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May Day for EU trade bonanza Nigel Stirling
MARKETS
F
Trade
AST legislative footwork from the new government looks set to result in an early start to New Zealand’s free trade agreement with the European Union, generating tens of millions of dollars in additional tariff savings for exporters. The European Parliament ratified the agreement in November last year but its entry into force was delayed while its NZ counterpart took a break prior to last year’s general election. Tariff savings estimated to be worth $100 million to exporters in the agreement’s first year have been on hold while parliamentarians worked their way through enabling legislation, which had its first reading only at the end of January. Now Trade Minister Todd McClay has reached a deal to curtail the normal legislative process by missing out the legislation’s second reading when it returns to the House this Wednesday. McClay said he expects a third and final reading and vote on the legislation the next day so that the following Monday it can be signed into law. “We will notify the EU that on May 1 the tariff savings kick in, which for kiwifruit and onion
growers and a few others is important because their goods are on their way to that market right now.” McClay said he had been advised the normally lengthier legislative process risked pushing the agreement’s start date, and the beginning of tariff savings for exporters, out to either August or September.
It is going to put us ahead of our main competitor Australia, who continue to pay the 9.6% tariff.
Govt calls it for dry top of the south The government has declared Marlborough and Nelson drought conditions a mediumscale adverse event. But the situation is just as bad in the Hakataramea Valley, in South Canterbury, where farmers Hamish and Charlotte Bell say it will take several decent deluges for the area to recover. Photo: Dana Johnston
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In pursuit of one entity, one strategy
James Kuperus Onions NZ He said he consulted with all of the parties represented in Parliament except Te Pati Māori, which voted against the legislation at its first reading. “All of the parties agreed with me that this was significant enough as far as the savings for NZ exporters were concerned to speed the process up,” McClay said. Tariffs took $46m out of $1 billion of kiwifruit marketer Zespri’s sales to the EU last year. Those tariffs will drop from 8.8% currently to zero on implementation of the FTA. Zespri’s chief executive, Daniel
Management of DOC land called into question after vegetation fire in North Otago.
Data, not a calendar, will determine the future of parasite management on NZ farms.
NZ farm fertiliser market is in for a shakeup with the arrival of Aussie firm Marnco.
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Wool advocate Tom O’Sullivan has left his role with Campaign for Wool, adamant he can do more through the commercial sector.
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