New Zealand is set to negotiate a free trade deal with four Latin American countries in a bid to boost its $1.1 billion trade with the nations.
Source: 1 NEWS
Negotiations with the Pacific Alliance, a regional organisation involving Mexico, Chile, Colombia and Peru, came about after two years of diplomatic efforts, Trade Minister Todd McClay said from Colombia today.
"A high-quality FTA will open the door for New Zealand companies to do more business with the Pacific Alliance countries and increase the $1.1 billion of two-way trade we currently have with them," he said after meeting the presidents of the four nations.
"Today's announcement will be welcome news for our exporters."
There are more than 221 million consumers in the four countries, which have a combined GDP of $US3.85 trillion.
New Zealand exporters to the countries currently face high tariffs on many products, including dairy.
The government aims to have enough free trade deals set up by 2030 to cover 90 per cent of goods traded by New Zealand.