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New services group to enhance trade opportunity

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Trade Minister Todd McClay has announced the establishment of the Services Export Reference Group at a press conference to launch an OECD study in Paris today highlighting the significant opportunity services exports offer the New Zealand economy.

“Services account for 70 per cent of our GDP, 80 per cent of New Zealand jobs and 31 per cent of our exports,” Mr McClay says.

“It is therefore imperative that we work closely with the services sector to bring down barriers and help them find greater success in overseas markets.”

Mr McClay has invited 40 New Zealand services exporters and industry groups to join the reference group including from the healthcare, tech, R&D, entertainment and hospitality sectors.

“In 2016 services exports increased by $1.1 billion to $21.6 billion. That’s almost a third of all New Zealand exports, so it’s vitally important we nurture and support further growth,” Mr McClay says.

“There are huge global growth opportunities for services exports and the digital economy, and the Government’s working hard to ensure that our exporters are in a strong position to take advantage of them.”

“The OECD’s Services Trade Policies and the Global Economy study points out that services generate two-thirds of global GDP and concludes that better integration between countries can substantially reduce the administrative burden on our exporters and SMEs. That is an outcome the Government continues to advocate and fight for on behalf of our exporter.”

“As part of Trade Agenda 2030, our new trade strategy, the Government is committed to engaging more with New Zealanders and New Zealand businesses on trade. The reference group is an important part of our plans to grow trade and maximise the benefits of the increasing market access we are working so hard to achieve.”

The first meeting will be held on 20 June and will be hosted by the Auckland University of Technology.

OECD study is available here:

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