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New Zealand PM sees pacts boosting Vietnam trade
AFP - 1 hour 14 minutes ago
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HANOI, July 12, 2010 (AFP) – New Zealand's Prime Minister John Key said Monday he anticipated a big boost to ties with communist Vietnam from a new round of regional trade pacts.
Key was visiting Vietnam after New Zealand and Australia signed a free trade agreement last year with the 10-member Association of Southeast Asian Nations (ASEAN), which includes Vietnam and comprises a market of almost 600 million people.
Vietnam and New Zealand are also participating with the United States and five other countries in talks to forge a Trans-Pacific Partnership (TPP).
"We see enormous opportunities to grow the economic partnership between our two countries," Key said. "And we'll be working very hard to maximise that opportunity."
Speaking at a news conference with Vietnam's Prime Minister Nguyen Tan Dung, Key noted that New Zealand's trade with China had grown enormously since the two countries signed a free-trade deal in 2008.
"And so the signing of the ASEAN-Australia-New Zealand FTA (Free Trade Agreement) along with the Trans-Pacific Partnership indicates how rapidly our two-way trade can grow if we focus on that area," Key said.
Trade between Vietnam and New Zealand reached 320 million US dollars last year, Dung said.
A group of US senators visiting Hanoi last week urged Vietnam to allow free trade unions if it wants to further liberalise trade with the United States.
Vietnam bans unions that are independent of the ruling Communist Party.
Dung did not answer when a New Zealand reporter asked about human rights issues.
New Zealand's exports to Vietnam have been dominated by its agricultural and dairy sector, with imports from Vietnam primarily coffee and textiles. Key said there were opportunities to grow in other areas, particularly education, science and high-technology.
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