Editorial: We are Trumped
OPINION: Nothing it seems can be done in the short term to get Donald Trump to change his mind about removing the unfair 15% tariffs that he’s imposed on New Zealand exports to the US.
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.
Many farmers around the country are taking advantage of the high dairy payout to get maximum production out of their cows.
In 2015, the signing of a joint venture between St Peter's School, Cambridge, and Lincoln University saw the start of an exciting new chapter for Owl Farm as the first demonstration dairy farm in the North Island. Ten years on, the joint venture is still going strong.
Sheep milk processor Maui Milk is on track to record average ewe production of 500 litres by 2030, says outgoing chief executive Greg Hamill.
Parliamentary Commissioner for the Environment Simon Upton is calling for cross-party consensus on the country's overarching environmental goals.
Changes to New Zealand’s postal service has left rural communities disappointed.
Alliance is urging its farmer-shareholders to have their say on the proposed $250 million strategic investment partnership with Dawn Meats Group.
OPINION: Ageing lefty Chris Trotter reckons that the decision to delay recognition of Palestinian statehood is more than just a fit…
OPINION: A mate of yours truly recently met someone at a BBQ who works at a big consulting firm who spent…