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TPP, RCEP on agenda for New Zealand, Brunei trade ministers

Xinhua, December 9, 2016 Adjust font size:

New Zealand Trade Minister Todd McClay will be discussing two regional trade agreements with Brunei counterparts over the weekend.

McClay said Friday he would hold talks with Brunei's Second Minister of Foreign Affairs and Trade Pehin Lim Jock Seng, who is visiting New Zealand with Industry Minister, Pehin Yasmin Umar.

"I look forward to talking to the Minister about our bilateral relationship and the agreements we have in common, such as TPP (Trans-Pacific Partnership) and RCEP (Regional Comprehensive Economic Partnership)," McClay said in a statement.

"Brunei is a good friend of New Zealand, working cooperatively with us within ASEAN (Association of Southeast Asian Nations) and beyond," said McClay.

"Brunei and New Zealand cooperate in trade, defence, and education - and Brunei is also a strong supporter of trade liberalization."

Two-way trade was worth 506 million NZ dollars (362.95 million U.S. dollars).

"Of our more modest exports, butter accounts for 30 percent," said McClay.

Both countries are members of the P4 - the Trans-Pacific Strategic Economic Partnership, which also involves Chile and Singapore.

Brunei and New Zealand are also both involved in the 16-nation RCEP.

New Zealand's trade relationship with Brunei is dominated by imports of crude oil, which can see trade values fluctuate dramatically from year to year.

In 2012, total two-way trade reached 1.2 billion NZ dollars (860.64 million U.S. dollars), but in 2014 the figure was 463 million NZ dollars (332.06 million U.S. dollars), according to figures from New Zealand's Ministry of Foreign Affairs and Trade.

In 2014, New Zealand's direct exports to Brunei amounted to 6 million NZ dollars (4.3 million U.S. dollars). Endit