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Change Your Life! |
New Zealand hopes for bilateral trade deal with Singapore |
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September 9, 2000
SINGAPORE, SEPT 8 (AP) - New Zealand Finance Minister Michael Cullen reiterated Friday that a bilateral free trade agreement with Singapore should come into force at the start of next year. "Once domestic approval processes have been completed on both sides we hope it will be able to enter into force on Jan. 1, 2001," Cullen told participants at an event hosted by the Singapore-New Zealand Business Council. Both sides have said they hope for an agreement by early next year. It still needs approval from the countries' Cabinets. New Zealand considers the agreement a stepping stone towards a wider Asia-Pacific free trade deal involving the so-called "P-5" nations - the United States, Chile, New Zealand, Australia and Singapore. Less than one percent of total New Zealand textile, footwear and clothing imports currently comes from Singapore. Most other imports from Singapore into New Zealand are already duty-free. Separately, the minister said New Zealand is revising its immigration policy to strengthen its labor force. New Zealand is "keen to attract more skilled migrants to New Zealand (and it's) clear that Asian countries are a potential source" of migrants, he said. Cullen, who arrived in Singapore late Thursday, was to head to Brunei later Friday to attend a meeting of finance officials from Pacific Rim countries. Before leaving, he meets with Singapore's Finance Minister Richard Hu. The Brunei meeting, co-chaired by New Zealand, precedes a November summit of the 21 member countries and territories of the Asia-Pacific Economic Cooperation forum in Brunei.
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