NZ Signs Three IPEF Agreements to Boost Digital and Green Economies

Minister McClay signed the overarching IPEF Agreement and the Fair Economy Agreement, while Minister Watts signed the IPEF Clean Economy Agreement.

Trade Minister Todd McClay and Climate Change Minister Simon Watts have signed three Indo-Pacific Economic Framework (IPEF) agreements aimed at enhancing investment, growing New Zealand’s digital and green economies, and increasing trade with 14 IPEF partners.

IPEF partners represent 40% of global GDP and account for 50% of New Zealand’s exports, including major markets like Australia, Brunei, Fiji, India, Indonesia, Japan, South Korea, Malaysia, the Philippines, Singapore, Thailand, the United States, and Vietnam.

Minister McClay signed the overarching IPEF Agreement and the Fair Economy Agreement, while Minister Watts signed the IPEF Clean Economy Agreement.

The Overarching Agreement emphasizes anti-corruption efforts and the streamlining of labor and tax standards to create a secure and transparent economic climate in the Indo-Pacific region.

The Fair Economy Agreement aims to establish a safe, transparent, and reliable investment ecosystem to attract investors.

“Increased investment transparency and further cooperation on supply chain resilience with IPEF partners will aid Kiwi businesses and boost the New Zealand economy to achieve the aspirational target of doubling exports value in 10 years,” said Minister McClay.

The Clean Economy Agreement, signed by Minister Watts, focuses on cooperation to achieve climate goals by mobilizing investment in technologies and solutions for energy, industry, and transport.

“This agreement provides new ways for Kiwi innovators and investors to partner in climate change solutions while supporting renewable energy and emissions-reducing technology. This will bring significant benefits to New Zealand,” said Minister Watts.