Trade Agreement With Philippines

Press, Volume CVIII, Issue 31736, 20 July 1968, Page 1

Trade Agreement With Philippines

(N.Z. Press Association) WELLINGTON, July 19. A trade agreement had been concluded between New Zealand and the Philippines, the Minister of Overseas Trade (Mr Marshall) said tonight. Mr Marshall said that there was a heavy imbalance of trade in New Zealand’s favour and imports from the Philippines in 1966-67 were worth only $214,000, mainly dessicated coconut and manila hemp. The agreement, by giving the Philippines most-favoured nation treatment, rather than the general tariff rate, should be of some help to the Philippines in increasing its exports to this country, he said.

The agreement was initialled in October, 1967, and subsequently minor drafting changes were made. A final text has been approved by the two Governments.

The signatory for New Zealand was Mr W. G. Thorp, who is visiting Manila to present his credentials as New Zealand Minister to the Philippines. The agreement provides for reciprocal most-favoured-nation treatment in all matters affecting trade between

the two countries, with the exception of preferences accorded by the Philippines to the United States and by New Zealand to Commonwealth countries.

It will be in force initially for one year and will continue indefinitely subject to six months written notice of termination by either side. The Philippines are a valuable market for New Zealand goods, especially for dairy products. New Zealand exports to the Philippines in 196667 were worth more than ssm, of which dairy products amounted to $3.5m. Other major exports are meat and tallow.