New WTO agreement pushes back against protectionism: New Zealand Trade Minister

A new World Trade Organization (WTO) agreement to make trade easier is a win for liberalization in the face of rising protectionism, New Zealand Trade Minister Todd McClay said Thursday.

McClay issued a statement welcoming the entry into force of the WTO Trade Facilitation Agreement (TFA), saying it was a big win for New Zealand exporters.

"This is a win for trade liberalization, and the WTO, in the face of growing concerns around protectionism," McClay said.

"The TFA will benefit all New Zealand exporters and is particularly good for small and medium sized enterprises. The TFA reduces the cost, administration and time burden associated with getting products across borders and into the marketplace," he said.

"New Zealand's agricultural exporters will also benefit significantly from a provision to hasten the release of perishable goods within the shortest possible time."

The TFA worked by simplifying and streamlining Customs and border processes as well as addressing some key barriers that exporters faced when doing business abroad.

It was ratified by New Zealand in 2015.

"A credible and effective WTO is important for New Zealand. The government is committed to pushing for better access and great fairness for all New Zealand exporters and the TFA is an important part of this," said McClay. Endit