Australia, New Zealand launch trade negotiations with $3.85 trillion GDPStaff 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.
Trade talks A combined GDP of $3.85 trillion
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.” ■