Conclusions Regarding Static Gains to the New Zealand Economy Sample Clauses

Conclusions Regarding Static Gains to the New Zealand Economy. Based on the above assessment, it is possible to conclude that there will be overall positive static gains to the New Zealand economy as a whole from the reciprocal market access liberalisation under AANZFTA. As discussed in Section 6.1.2.1, the direct impact of trade liberalisation on economic growth is essentially derived from reduced tariff and non-tariff barriers. These benefits are likely to vary from sector to sector, and among individual companies, depending on the significance to the individual exporter of removal of tariffs. There are expected benefits to New Zealand exporters who currently trade with the ASEAN countries, or those who may be encouraged by AANZFTA to investigate exporting to those markets. The benefits are expected to be in terms of either increased trade volumes (both current and new export products) or increased returns from current exports, or a combination of the two. AANZFTA also helps to establish and maintain a “level playing field” for those New Zealand exporters who are competing with third country exporters that already enjoy preferential access into the ASEAN economies. In terms of investment, due to the facilitatory and “signalling” (ie as on investment destination) nature of AANZFTA, New Zealand’s bilateral investment relationship with the ASEAN economies is expected to continue to grow and have a positive impact on the New Zealand economy. On non-tariff barriers, AANZFTA contains a general prohibition on non-tariff measures that are not consistent with the parties’ WTO rights and obligations and a requirement to ensure that permitted non-tariff measures do not create unnecessary obstacles to bilateral trade. This will provide a bilateral course of action under AANZFTA on any unjustifiable non-tariff measures. It also provides a basis for the development, again over time, of outcomes designed to facilitate trade and reduce associated transactions costs in particular regulatory areas and for specific products. Moreover, it is also worth noting that the institutional mechanism established in the FTA provides another way to address non-tariff barriers that New Zealand exporters did not have before AANZFTA. This is an important “added value” benefit of the Agreement. The phased nature of the tariff and non-tariff reductions will see the bulk of these static gains delivered over time.
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