“While not a core member of the G20, New Zealand is supportive of the G20’s aims – in particular its aspirations to lift global economic growth,” Mr Groser says.
“G20 countries represent almost 85 percent of global GDP, 75 percent of international trade, and two-thirds of the world’s population. Given the importance of trade for a small and distant economy such as New Zealand, any actions that will support stronger and more sustainable global growth are clearly in our interests.”
Discussions at the G20 Trade Ministers’ Meeting will focus on trade actions that member countries’ will take as part of their Comprehensive Growth Strategies. These strategies comprise a mix of domestic policy actions aimed at raising the level of G20 output by at least two percent above the currently projected level in the next five years.
Ministers will also discuss how to forge a stronger global trading system.
In the margins of these meetings, Mr Groser will meet with a number of his G20 counterparts and some business representatives to discuss trade and investment opportunities in New Zealand as well as progress on our FTA agenda.
The G20 comprises 20 of the world’s major economies, including the European Union, and is the premier forum for its members’ international economic cooperation and decision making. As Chair of the G20 for 2014, Australia has invited New Zealand to participate in all G20-related activities as a guest of its Presidency.
Australia’s G20 year will culminate in a Leader’s Summit on 15-16 November in Brisbane.
The B20 is a forum through which the private sector produces policy recommendations for the annual meeting of the G20 leaders.