Tough trade
OPINION: Known for serious trade negotiations with global politicians, top NZ trade official Vangelis Vitalis also knows how to crack jokes.
Changes need to be made to the multilateral trading system, says commercial law firm Chapman Tripp.
The rules-based multilateral trading system, including the World Trade Organisation (WTO), is more important than ever for international trade.
Chapman Tripp says the system is under significant stress and its rules need to be updated to reflect innovation and global disruption.
“There needs to be an update to the rule book to address reform on new issues that weren’t part of the global trading system when the rules were written, such as digitalisation, climate change and sustainable development,” says Chapman Tripp international trade expert and partner Daniel Kalderimis.
In this year’s International Trade – Trends and Insights publication, the firm took stock of international trade in 2019 and looks ahead to 2020.
Uncertainty and disruption are key themes with the most immediate area of concern being the future functioning of the WTO’s dispute settlement system. As of December 10 the Appellate Body ceased to function because it had insufficient members to hear an appeal.
That is because of disagreements over its operation that have led the US to block the reappointment or appointment of members.
“This is an issue of significant concern for New Zealand. As a small, export-dependent country we rely on legal rules and processes to advance and defend our interests.”
New Zealand is particularly vulnerable to global economic shifts,” Kalderimis said. “Fortunately, commodity prices for our key exports have remained reasonably strong to date despite global uncertainty.
“We are also an innovation hub and that gives us good reason to be optimistic.”
Despite the uncertainty, there were success stories and positive and exciting developments in 2019, he says.
These include the conclusion of the NZ-China Free Trade Agreement upgrade, talks initiated on a climate change and trade agreement, the digital economic partnership with Singapore and Chile, and continued success on the world stage for ground breaking New Zealand companies.
Commercial fruit and vegetable growers are being encouraged to cast their votes in the Horticulture New Zealand (HortNZ) board directors' election.
A unique discovery by a Palmerston North science company, Biolumic, looks set to revolutionise the value and potential of ryegrass and the secret is the application of ultraviolet (UV) light.
A New Zealand company is redefining the global collagen game by turning New Zealand sheepskin into a world-class health product.
With further extreme weather on the way, ANZ Bank is encouraging farmers and business owners impacted by the recent extreme weather and flooding to seek support if they need it.
New Zealand must continue to educate Chinese consumers about the unique qualities of its red meat products and how they differ from competitors, says Silver Fern Farms chief executive Dan Boulton.
There are opportunities outside the farmgate for young farmers to further develop their skills, says 2025 Primary Industries Emerging Leader Award winner Bridie Virbickas.
OPINION: Dust ups between rural media and PR types aren't unheard of but also aren't common, given part of the…
OPINION: The Hound hears from his canine pals in Southland that an individual's derogatory remarks on social media have left…