Trading

International Trade At Crossroads In 2021 | Scoop News – Scoop.co.nz

2020 was a tough year and economic forecasts – both
global and local – suggest that next year will not be easy
either. But there are also positive developments, according
to Chapman Tripp in its International
Trade 2020 – Trends & Insights

publication.

Of particular relevance to New
Zealand exporters is the recent signing of the Regional
Comprehensive Economic Partnership (RCEP), comprising the 10
ASEAN countries and New Zealand, Australia, China, Japan and
South Korea.

RCEP demonstrates commitment by a large
number of economies to a rules-based trading system in the
region. The importance of this – both symbolic and real
– shouldn’t be under-estimated in the current uncertain
global climate said Dr
Tracey Epps
, Chapman Tripp’s Trade Law
Consultant.

“This is not to suggest that the march
toward liberalisation, which has marked the post-WWII era,
will be back on track. It has been under challenge since the
2008 Global Financial Crisis (GFC) and has been gathering
momentum in response to deep running concerns around
inequality, technological displacement, climate change and
political populism.”

“But, while President-elect
Joe Biden has unequivocally embraced a ‘buy America’ and
promote America platform, and will continue to push back
against an assertive China, he has also talked about
reviving the US leadership role and, we expect, will be
prepared to work with other World Trade Organisation (WTO)
members to strengthen the rules-based system
Source…