Federated Farmers hails rural banking report
Federated Farmers says the final report into banking competition is a significant step forward for rural New Zealand - and a vindication of the farming sector's concern.
Federated Farmers president Dr William Rolleston says: "Britain leaving the EU will create a considerable degree of political and financial uncertainty but we must consider what new opportunities might be won. This could be a great opportunity to work with lamb producers in the UK to get better outcomes for both countries.
"We have a shared history with the UK and want to ensure this outcome works in both countries' interests. We need to emphasis our common thinking and remind Britain we are an important ally.
"The key thing for farmers is assessing how this change will affect trade to Britain as well as Europe and what this means for our free trade negotiations.
"The vote suggests a significant threat against the trends of globalisation and trade liberalisation. New Zealand as a small open economy will be a loser if protectionism prevails."
Currently New Zealand primary exports to Britain are at 3% and 11% to Europe. Farmers are in a very different position than we were when Britain entered the European Union 43 years ago; at that time 40% of our exports went to Britain, says Rolleston. Before that in the 1950s over 80% of New Zealand exports went to Britain.
