Today in Canberra Small Business Minister Stuart Nash signed the formal trans-Tasman e-Invoicing Arrangement with Australian Assistant Treasurer Stuart Robert.
As well as signing the Arrangement they also discussed the longer-term advantages for businesses using the Australian Business Number (ABN) and the New Zealand Business Number (NZBN).
Nash says e-Invoicing will help businesses in both countries save time and money by allowing the direct exchange of invoices between suppliers’ and buyers’ financial systems.
“Australian research has found current invoicing practices can incur loss of productivity and efficiency. Our aim is for e-Invoicing to help resolve these same issues in New Zealand and help build a modern economy that is fit for the 21st century.
“New Zealand and Australian businesses process around 1.3 billion invoices annually, and research indicates that the economic savings of e-Invoicing could exceed $30 billion in both countries over 10 years,” he says.
Formalising a collaborative approach will help businesses on both sides of the Tasman to facilitate easier transactions.
“This visit and the meetings I’ve had today are a testament to an ongoing and positive relationship with our Australian colleagues, which in turn will benefit businesses in both countries.
“This Government is committed to growing the economy and working with businesses to encourage productivity. This agreement is another step we have taken to support small businesses in New Zealand over the last year,” says Nash.
Government initiatives for small business since October 2017 includes:
- issuing new directions to government agencies on implementation and operation of the NZBN;
- initiating legislative changes to improve and increase accessibility of data on the NZBN Register;
- renewing the small business payroll subsidy;
- launching the NZ Business Performance Panel;
- establishing the Small Business Council; and
- launching the online tools Choose Business Structure and Workplace Policy Builder.
It’s a big week for New Zealand in trade and investment.
The ban on foreign buyers of existing homes took effect on Monday.
This cleared the way for NZ to pass the Comprehensive and Progressive Agreement for Trans‑Pacific Partnership (CPTPP) legislation.
This in turn allowed NZ to ratify the agreement.
New Zealand today ratified the CPTPP taking to four the number of countries that have formally ratified the Asia-Pacific trade deal.
Minister for Trade and Export Growth David Parker today handed a copy of the notification of ratification to New Zealand’s High Commissioner to Canada Daniel Mellsop. New Zealand is the official depository for the 11 nation agreement.
Parker is in Ottawa during a six day trade trip to the United States and Canada for talks focused on the future of the World Trade Organisation (WTO).
“The importance of CPTPP has grown over recent months with the rapid escalation of protectionist measures around the world.”
In recent days he held talks with the top US trade official, Trade Representative Ambassador Robert Lighthizer, his deputy Ambassador Jeffrey Gerrish and other trade experts in Washington DC.
At the White House he met the Director of the National Economic Council Larry Kudlow and had a private meeting with President Donald Trump’s deputy Chief of Staff, New Zealander Chris Liddell.
David Parker said the CPTPP will come into effect 60 days after six countries ratify the deal.
New Zealand joins Japan, Mexico and Singapore that have already ratified. Australia and Canada are expected to join very soon. That means the tariff reductions and increased exports will begin very early in 2019.
“New Zealand’s ratification means that from day one our businesses will be able to take advantage of improved trading conditions and lower tariffs. We have not previously had a trade agreement with Canada, Mexico nor with the world’s third largest economy Japan.
“Economic modelling shows exports, the New Zealand standard of living, and wages, will increase as a consequence, Parker said.
The CPTPP markets are collectively home to 480 million consumers and make up 13.5 per cent of world GDP.”
“Important changes were made in CPTPP, compared with the original TPP, to deliver on this Government’s bottom lines including, protecting drug agency Pharmac, the Treaty of Waitangi, and the Government’s right to regulate in the public interest,” Parker said.