Remember the excitement which greeted the announcement that the USA was going to enter mulitlateral free trade negotiations with New Zealand?
Well, take the champagne out of the chiller, because TVNZ reports they’re back tracking .
The Obama administration has sought to indefinitely delay the so-called Trans Pacific Partnership talks due to get underway in Singapore later this month.
They were expected to strike a trade deal between the US, New Zealand, Chile, Singapore and Brunei.
The postponement is to give time for the US to select a new trade representative.
This is a serious blow not just to New Zealand’s hope for improved access to US markets but to all who’re working towards global free trade.
As Federated Farmers president Don Nicolson said when reacting to the anouncement the USA was going to join the Trans pacific Partnership:
“Moves to negotiate multilateral agreements with likeminded countries by the United States, sends a clear signal to the WTO to get Doha back on track.
The indefinite delay shouldn’t derail the Doha negotiations but it could result in much slower progress.
UPDATE: goNZofreakpower asks if this means we can can section 92A?