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Commitments Between New Zealand, Singapore, and Key Trading Partners

Commitments Between New Zealand, Singapore, and Key Trading Partners

During the COVID-19 outbreak, commitments have been made between New Zealand, Singapore, and a number of key trading partners. These commitments include mainly about the trade lines they have. The pandemic has created significant disruption to the global economy and world trade, as production and consumption are set back across the globe. Businesses are facing significant challenges and need to adapt rapidly. Many governments are trying to navigate their economy through this crisis with several measures. Recently, New Zealand and Singapore have agreed to support their trade lines. They welcomed Canada, Australia, Chile, Brunei, and Myanmar to keep supply chains open and remove any existing trade-restrictive measures on essential goods. This agreement supports recent attempts the country has made to boost trade with key Latin American partners. Trade relations between New Zealand and Asian partners The majority of New Zealand companies export to Singapore as a strategic entry point and regional headquarters for further engagement with China and India. Singapore is one of New Zealand’s biggest trading partners and the seventh-largest export market. The majority of New Zealand companies export to Singapore as a strategic entry point and regional headquarters for further engagement with China and India. Furthermore, in 2000 Singapore and New Zealand agreed upon signing a Closer Economic Partnership (CEP) to boost New Zealand exports to Singapore. These have been multiplied over the past 10 years and increased by over 50% according to NZTE (New Zealand Trade and...

What are the Free Trade Agreements in Chile?

What are the Free Trade Agreements in Chile?

Historically, Chile has always been a strong trading partner. With its long coastline and multitude of ports, Chile lends itself perfectly to maritime trade. More recently, however, the country has built an economy known to be favorable to foreign companies, thanks in particular to its business-friendly regulatory system. The combination of its trading expertise and strong business environment has allowed its government to establish strong relations with other nations around the world and hence develop international trade. Since the 1990s, Chile has been in the process of internationalizing its economy. The signing of the free trade agreement with Canada in 1997 and an economic partnership agreement with Mercosur in 1996 initialized Chile’s efforts to expand.  Considered a leader in South America in terms of competitiveness, digital technology, and maritime trade expertise, Chile has a global vision of trade. Before incorporating a company in Chile, it is worth looking into the favorable agreements that Chile has been able to sign over the years.  Chile’s Trade Facilitation Agreement with the World Trade Organization The World Trade Organization (WTO) is the world's largest trade organization. Chile had been a member of the WTO since its creation in January 1995. The organization governs the main rules of trade between countries. These agreements, ratified by the WTO have been incorporated into Chilean domestic law. Chile is one of the 70 largest trading economies in the world. On 21 November  2016, Chile signed the Trade Facilitation Agreement (TFA), which entered into...

New Commercial Potential in Pacific Alliance-EU Cooperation

New Commercial Potential in Pacific Alliance-EU Cooperation

Latin America is a region highly dependent on multilateral trade agreements. To the east, there’s Europe, to the west – Asia, and to the North – North America. Latin America is ideally placed between the three largest consumer markets in the world.  With the use of regional trade agreements, every country in the region can take advantage of their collective strategic geographic location. Influential Latin American trade groups include Mercosur, ALADI, Trans-Pacific Partnership, Union of South American Nations and the Pacific Alliance.  By utilizing these trade agreements, both the individual countries and the region as a whole can benefit. Recently, two powerful groups have solidified their commitment to establishing stronger ties: the Pacific Alliance and the EU. This connectivity is a positive step towards generating greater opportunities for Latin American companies to secure new trade channels in European markets. Pacific Alliance makes a deal with the EU The Pacific Alliance is made up of four Latin American nations, Mexico, Colombia, Peru and Chile, with a total population size of 225 million people. Together, the economies of these nations represent the eighth largest economy in the world and the eighth-largest export force worldwide. Pacific Alliance countries attract 45% of all Foreign Direct Investment in Latin America and the Caribbean and also make up the top four places in Latin America for ease of doing business.  In late September, parties from both the European Union (EU) and the Pacific Alliance met in New York to reaffirm their relationship. Discussions...

Why Do Business in the Pacific Alliance?

Why Do Business in the Pacific Alliance?

Latin America shows strong signs of continued development and increasingly progressive legislative changes. Government agendas are steered towards offering a more facilitative business environment for foreign entrepreneurs and investors. Part of the region’s increasing appeal to the outside world is its strong economic representation via trade blocs, such as the Pacific Alliance and MERCOSUR. Both of these groups offer great economic opportunities and benefits for members and associate countries. We explore the benefits of setting up a business in a Pacific Alliance member country. Who is the Pacific Alliance? Why do Business with the Pacific Alliance? The Pacific Alliance is a regional trade bloc in Latin America, comprised of member states Chile, Colombia, Peru and Mexico. Each of these countries shares a border with the Pacific Ocean, forming part of the ‘Pacific Rim’. The idea to form an alliance was posed by former Peruvian President Alan García Pérez, who also extended the invitation to Panama. The alliance was officially established in 2011 on the foundations of the Lima Declaration. Panama engages with the Pacific Alliance as one of the 55 Observer states. Associate members include Ecuador, Costa Rica, Australia, Canada, New Zealand and Singapore. What does the Alliance stand for? The Pacific Alliance targets deeper integration between member states in international trade, and people-to-people connections and movements. Study exchanges, participation in social and commercial exhibitions, tourism, research are all areas for cooperation between member states, in...

Opportunities for Progress in Australia-Latin America trade

Opportunities for Progress in Australia-Latin America trade

Tucked away in the South Pacific, Australia’s trade authorities and institutions are firing on all cylinders to find diverse opportunities for Aussie business. In an increasingly uncertain global trade environment, diversification reduces Australia’s dependence on traditional trade partners. Latin America has traditionally sat in the periphery of Australia’s foreign policy and trade agendas, as it has with much of the rest of the world. Now, the region’s impressive growth statistics have captured the Asia-focused state-continent, and it’s exploring ways to penetrate Latin America’s untapped markets. Australian-Latin America Trade Overview: Trade and Connectivity Latin America’s twenty countries house over 490 million people. Four economies – Brazil, Mexico, Chile and Argentina, account for 90% of Australia’s trade with the region. Key Australian exports to Latin America Key Latin American exports to Australia Minerals and fuels Machinery and transport equipment Chemicals and related products Food and livestock Crude materials Agricultural products Services Minerals and fuels Transport equipment Machinery and mechanical appliances Australia’s four main trading partners, two-way trade values reached the following amounts: Country Imports to Australia (AU$ million) Exports from Australia (AU$ million) Brazil 904 1.898 Mexico 2,642 558 Chile 779 656 Argentina 756 234 Pacific Rim partnerships Australia is seeking free trade access to the Pacific Alliance (established 2011), founded by Colombia, Chile, Mexico, Peru. Collectively, it represents the eighth largest economy in the...

Growing Opportunities for Australian Exports in Latin America

Growing Opportunities for Australian Exports in Latin America

Australian exports to Latin America are on the rise, thanks to greater regional development and demand. Australia’s economy holds the world record for consecutive quarterly GDP growth, spanning 26 years. The country sports one of the world’s freest economies and a high level of productivity. Australia’s GDP is currently nearly US$1.2 trillion. Australia’s proximity to Asia has strongly influenced its international trade agenda to date. However, Latin America as a region is opening up to Australia’s export economy. As countries continuously seek new international trade prospects, Australia’s focus is on Latin America’s emerging markets. Australia's Exports to Latin America: international trade environment Australia’s ‘free trade’ mantra and connection with powerful markets has developed a formidable economy that ranks twentieth largest in the world. Its exports to key trading partners topped US$253.8 billion in 2018 alone. Due to its geography, Asia represents an overwhelming majority of Australia’s top two-way trading partners. This includes China, Japan, South Korea, Singapore, India and Thailand. Growth in Asia fuels increasing demand for minerals, agriculture, manufacturing, and education services from down under. Latin America, on the whole, facilitates strong inter-regional trade and exportation of goods to its North American neighbors. As the region’s bigger economies blossom, so too does their exploration of new territory. Latin America’s ‘big four’ - Brazil, Mexico, Colombia and Argentina – have similarly seen Asian countries take top spots in trade rankings....

New Zealand trade relations in Latin America and the rest of the world

New Zealand trade relations in Latin America and the rest of the world

New Zealand’s liberal approach to international trade has seen the small country pursue Free Trade Agreements (FTA) and Closer Economic Partnerships with key trading partners worldwide. Its thriving export market totaled NZD$79.8 billion in June 2018. The country’s determination to reduce trade barriers for business, both at home and abroad, make it a powerful trader for its size and location. As emerging powers compete for global economic prominence, New Zealand is reaching out beyond its main trading partners to secure trade deals in Latin America and other corners of the world. Read on to find out more about the status of New Zealand’s prominent trade relationships, and the benefits of getting amongst the action as an investor. A country highly dependent on international trade New Zealand’s isolation has fostered an economy heavily reliant on international trade. New Zealand exported nearly $80 billion and imported $76.1 billion worth of goods and services in the year ending June 2018.   The multicultural economy is based on a powerful agricultural sector, specializing in quality dairy, meats, animal by-products, fruit, and wood. Other top exports include beverages, spirits, vinegar, cereal, seafood, machinery and aluminium. Due to its size, New Zealand’s global competitive edge comes from delivering quality goods, as opposed to the lowest priced.   The island maintains the world’s fourth largest Exclusive Economic Zone (EEZ), which has great influence over its economy. Most of its imports and exports pass through the marine environment. The country sports...

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