APEC Means More Jobs for New Zealanders

This Coalition Government welcomes the opportunity to chair the Asia Pacific Economic Co-operation (APEC) forum in 1999, and believes New Zealand will be profiled on the world stage as never before when it hosts the APEC Leaders meeting in Auckland next year. Leaders from 21 member economies including United States, Japan, China and Russia will visit New Zealand in September 1999.

Participants are expected to total around 4000 and in addition more than 2000 of the world's media are expected to arrive in Auckland to cover the event. The September summit will be on a scale unprecedented for New Zealand. The task is made more challenging with three new member economies in attendance: Russia, Peru and Vietnam.

"Where CHOGM was the Commonwealth Games, APEC is the Olympics," Minister of Foreign Affairs and Trade Don McKinnon said. "APEC provides an unprecedented public relations opportunity to market New Zealand internationally and progress trade issues.

"As a trading nation, APEC is a top priority for New Zealand. APEC will increase trade - and more trade means more jobs for New Zealanders," Mr McKinnon said. New Zealand assumes leadership of APEC 1999 after the APEC Leaders meeting in Kuala Lumpur in November this year.

As Chair, New Zealand has the opportunity to drive economic co-operation in the Asia-Pacific region. APEC's Economic Committee estimates that New Zealand will be one of the main beneficiaries of APEC's goal of freed up trade between member economies. Other economies that have committed themselves to APEC's goals to date are expected to see an increase of around half a percent to the annual growth of their economies (equivalent to nearly US $70 billion annually across member economies).

The Committee anticipates New Zealand should see an increase in growth in GDP of 1.3 percent annually, and an annual increase in exports of around four percent. "Hosting APEC once every 21 years is a small price to pay for the potential gains, which in one year alone, are expected to be around $1.3 billion."

Mr McKinnon said chairing APEC for the year would cost New Zealand around $44 million dollars. This included police and security operations and other costs to be incurred by government agencies.

The bulk of this money will be spent in New Zealand resulting in benefits to a number of sectors including tourism and hospitality, technology, transport and telecommunications.