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Australia, New Zealand launch trade negotiations with $3.85 trillion GDP

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Staff Writer | July 1, 2017
Australia and New Zealand each announced on Saturday the start of free trade agreement negotiations with the Pacific Alliance trade bloc.
Todd McClay
Trade talks   A combined GDP of $3.85 trillion
The alliance, which comprises Colombia, Chile, Mexico and Peru, on Friday admitted Singapore, Australia, New Zealand and Canada as associate members in a first step to broadening the reach of its trade flows and investments.

Better market access and lower tariffs for exporters would be a major boost for Australia and New Zealand, which have been at the forefront of attempts to revive the Trans-Pacific Partnership (TPP) after President Donald Trump withdrew the United States from the agreement in January.

“The Pacific Alliance is a grouping of fast-growing, like-minded economies committed to the liberalisation of trade,” New Zealand Trade Minister Todd McClay said in a statement.

“Between them they have more than 221 million consumers and a combined GDP of $3.85 trillion, which is equivalent to the world’s sixth largest economy.”

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