“Great potential for increased trade and a welcome sign of commitment to open markets,” is how New Zealand International Business Forum (NZIBF) Executive Director Stephen Jacobi describes new trade negotiations between New Zealand and the ‘Pacific Alliance’ group of Latin American countries.

Mr Jacobi was reacting to an announcement from the Pacific Alliance Summit in Colombia, that New Zealand would enter FTA negotiations with Pacific Alliance members Mexico, Chile, Colombia and Peru.

“The Pacific Alliance is an open and outward-looking group of economies. Two-way trade already stands at $1.1 billion and these new negotiations have real potential to open up new opportunities across the Pacific for our food and beverage industry, services exporters and other sectors such as high-tech manufacturing”, Mr Jacobi said.

“What’s more, three of the four Pacific Alliance members are partners in the Trans Pacific Partnership (TPP) and the fourth member, Colombia, is an ideal candidate for future membership of TPP”.

Under its “Trade Agenda 2030” the New Zealand Government has set an ambitious goal to ensure FTAs cover 90 percent of goods trade.

“This is a valuable strategic step for Trade Agenda 2030 and another sign of New Zealand’s commitment to open markets.   These are challenging times for trade and investment liberalisation and inclusive growth. This new negotiation sends a signal about our continuing belief in the benefits of sustained and deeper regional economic integration even as we work to make sure these benefits are spread more widely in the community”, concluded Mr Jacobi.