NZ/ASIA: Fonterra applauds free trade deal
The free trade agreement signed between New Zealand and the ten-member Association of Southeast Asian Nations (ASEAN) has been warmly welcomed by New Zealand's largest dairy exporter, Fonterra.
The deal, which was signed today (2 March) in Thailand, was described as a "significant step" for New Zealand exporters, particularly the dairy industry.
Members of ASEAN, including Indonesia, Malaysia and Thailand, accounted for about 25% of Fonterra's exports last year, valued at NZ$2.2bn (US$1.09bn).
The agreement opens up markets with a total population of 566m.
"Dairy tariffs into our key ASEAN markets typically range up to 10%. This agreement will eliminate tariffs on almost all of our dairy trade into the region and the risk that trade barriers could be introduced in the future," Fonterra CEO Andrew Ferrier said.
"ASEAN should be applauded for the commitment they are making to free trade. In an environment where many countries have resorted to protectionist policies, ASEAN has had the foresight to see greater benefits in developing strong regional trade relations."
Fonterra said that the trade deal would allow the company to further grow its dairy supply in a prosperous region with "huge" potential for growth in demand.
The deal follows the signing of a similar deal with China last year and now means New Zealand will ultimately have tariff free dairy access to all of Southeast Asia and China.
As Fonterra grapples with sharply declining global prices for dairy commodities, the group has tempered its ambitions in some emerging markets - such as China and India. However, it is still forging a...
New Zealand dairy giant Fonterra said today (24 June) that it has consolidated its core operations into a single strategic business unit and reorganised its senior management team accordingly....
From the plain-speaking boss of US organic food group Hain Celestial to an ambitious Kerry Group chief executive and the cautious optimism of the chief of Australia's largest retailer Woolworths Ltd, ...
Some in the beleaguered dairy industry will have taken comfort from recent signs that milk and dairy prices on the global commodities market have started to pick up. However, the question of whether t...
China's fledgling and buoyant dairy industry was brought to its knees after last year's melamine scandal but, slowly, there are signs growth is returning to the sector. Beijing has ordered China's dai...
The downturn has dampened the market for dairy commodities but there are rumblings that prices are on the way back up. This week, we looked at the movement in dairy prices and there is not, as yet, wi...
Fonterra, the world's largest dairy exporter, has warned it will take up to 18 months before China's dairy market enjoys a "significant" recovery from last year's melamine scandal....
Fonterra has attempted to play down criticism from green campaigners over its use of a palm-oil product as feed for its New Zealand dairy cows....
- It won't just be Unilever to push for Brexit hikes
- Price an underlying tension across European FMCG
- Interview: UK trade body on Brexit's policy impact
- Danone's Q3 sales - what the analysts say
- Interview: UK trade body on the impact of Brexit
- PepsiCo sets 2025 nutrition, sustainability goals
- Nestle lowers outlook on "softer environment"
- China "transition" drags on Danone Q3
- UK announces "action plan" to drive food exports
- Farmers' groups slam Danone over non-GMO stance
- The Big 15: Strategies and Priorities of Top Packaged Food Players in Comparison
- Omega-3 in Food and Beverage:Time for a Reboot?
- Constellation Brands, Inc. (STZ) - Financial and Strategic SWOT Analysis Review
- Packaged Food: Quarterly Statement Q3 2016
- Global Food Packaging: Innovating for Greater Convenience and Quality Image