New Zealand PM Says He Will be Happy if Australia/China Free Trade Deal Fails

New Zealand’s prime minister will be “quite happy” if Australia fails to seal its controversial free trade deal with China.

The new government under Malcolm Turnbull has fast-tracked legislation for the agreement, trying to pressure Labor – which has concerns it will cost Australian jobs – to lock in the deal.

But New Zealand’s John Key told the Australian Financial Review that his country’s trade deal with China had been 11 times greater than the most optimistic estimates and it would be in New Zealand’s competitive interests if Australia’s failed.

“I’m a massive proponent of free trade, and the benefits of our FTA have been 11 times greater than the most optimistic estimates,” he said.

“The numbers speak for themselves. Having negotiated an agreement that is high quality, you’d like to grab it with both hands. New Zealand will be quite happy if you don’t.”

Via The Guardian

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza