NZ starts boosting trade ties

NZ starts boosting trade ties

WELLINGTON (Dow Jones) : New Zealand will begin boosting trade ties with Australia and the Association of Southeast Asian Nations, or Asean, by cooperating on a range of issues, including a lowering of trade barriers, said Trade Minister Jim Sutton Wednesday.

Preliminary cooperation will be in areas of customs, e- commerce, standards and conformance, and lowering barriers to trade, he said.

On Sunday in Hanoi, New Zealand, Australia and the 10 Asean member countries endorsed a formal framework and an initial work program for closer economic partnership.

"Greater integration and the reduction of trade barriers would benefit New Zealand businesses operating in this dynamic region," he said.

Sutton noted that New Zealand's exports to Asean rose 44 percent on year to NZ$2.8 billion in the six months to June 30, 2001, while imports from the region rose 23 percent to NZ$2.5 billion.