A huge free trade region

Audrey Young at NZ Herald reports:

Trade Minister Tim Groser yesterday announced that New Zealand was joining an initiative to create a huge free trade region.

If the agreement succeeds it would cover an area with more than three billion people, 43 per cent of the world’s population.

Mr Groser has been in Cambodia this week for trade meetings hosted by Asean, the Association of Southeast Asian Nations.

The countries which have agreed to the initiative are the 10 Asean countries – Indonesia, Malaysia, Singapore, Brunei, Myanmar, Thailand, Cambodia, Laos, Vietnam and the Philippines – and six countries with which Asean has existing free trade agreements: China, India, Korea, Japan, Australia and New Zealand.

The final go-ahead will be given by leaders at a summit in Cambodia in November which Prime Minister John Key is expected to attend.

A few years ago our placement near Asia was a disadvantage. It is rapidly becoming a huge advantage.