On July 16-17, 2026 representatives of the Future of Investment and Trade (FIT) Partnership met in Auckland, New Zealand, to discuss the pathways to building resilient supply chains and reducing trade barriers. New Zealand, as host, focused particular attention on non-tariff barriers (NTBs), given that the country faces an estimated USD 9 billion in annual trade losses from such restrictions[1]. Beyond New Zealand the FIT platform also includes Brunei Darussalam, Chile, Costa Rica, Iceland, Liechtenstein, Malaysia, Morocco, Norway, Panama, Paraguay, Rwanda, Singapore, Switzerland, the United Arab Emirates and Uruguay as members. Apart from these 16 member countries, 5 countries participated as observers – Fiji, Samoa, Thailand, Korea and Peru[2]. The latter three economies – Thailand, Korea and Peru – became the new members of the FIT Partnership, whose expansion positions the platform as one of the most dynamic and agile players in the sphere of international trade.
The participation of Thailand, Peru and Korea in the FIT Partnership highlights an emerging trend of a rising number of middle powers with significant regional roles joining small open economies within a common collaborative platform. In fact, Korea is the first G20 economy to join the FIT partnership, while Thailand is the second largest economy in ASEAN by GDP and Peru is in the top 5 in South America in terms of GDP size and population. With greater activism in reducing trade barriers and countering the current global protectionist trends, the FIT platform is becoming increasingly attractive for those middle powers that are seeking economic integration and reliable market access. The plurilateral nature and flexible geometry of the FIT grouping render it competitive compared to the less agile blocs and platforms that are seeking to attract the participation of middle and regional powers.
The participation of Samoa and Fiji in the FIT Partnership meetings highlights the importance of trade ties of these economies with the FIT chair New Zealand. In this respect, the bilateral meetings in Auckland featured the signing of a five-year Duavata Partnership between New Zealand and Fiji that renewed an earlier 2022-2025 agreement and set the target for mutual trade turnover at NZ$2 billion ($1.17 billion) by 2030[3]. Another important implication of the participation of Samoa and Fiji in the FIT Partnership meeting is the forging of closer ties between this global platform and the Pacific Islands Forum (PIF) members as well as the small island developing states (SIDS).
Beyond expansion and outreach activities, one of the key results of the FIT meeting was the announcement by New Zealand and Switzerland of plans to launch formal talks on a mutual economic/trade accord in September 2026. According to New Zealand’s Trade Minister Todd McClay, the future agreement is expected to cover trade, economic security, investments and e-commerce, with both sides planning closer coordination in international forums and organizations such as the OECD and the WTO[4].
In the digital sphere, the FIT meetings also featured a ceremony marking Costa Rica’s accession to the Digital Economy Partnership Agreement (DEPA). The DEPA agreement is becoming one of the focal points of international efforts to multilateralize economic cooperation in the sphere of digital economy, with all its members (Singapore, New Zealand, Chile as the founding members and Korea as well as Costa Rica as new members)[5] being also part of the FIT Partnership platform.
Overall, the FIT Partnership is turning into one of the most promising and dynamic platforms in the world economy today. What started as a quad of small economies comprising the UAE, Switzerland, Singapore and New Zealand in less than a year has evolved into a platform of 19 small and medium-sized economies. There could be further national economies and regional blocs that may forge closer relations with FIT in the sphere of connectivity and building resilient supply chains, including the PIF economies in the Pacific, the SIDS economies in the Indian Ocean (Seychelles, Maldives and Mauritius) and the members of the CARICOM bloc in the Atlantic. The expansion in membership further raises the scope for plurilateral alliances to be concluded within the FIT perimeter and the Switzerland-New Zealand trade deal could potentially become one of the most important trade liberalization initiatives launched by the platform during the initial stage of its operation.
[1] https://www.beehive.govt.nz/release/trade-ministers-around-world-gather-auckland
[2] https://www.rnz.co.nz/news/business/724810/largest-trade-meeting-in-20-years-underway-in-auckland
[3] https://www.reuters.com/world/asia-pacific/new-zealand-fiji-renew-five-year-partnership-2026-07-16/
[4] https://www.globalbankingandfinance.com/new-zealand-switzerland-begin-talks-september-trade-deal/
[5] https://www.koreaherald.com/article/10811955
Yaroslav Lissovolik, Founder, BRICS+ Analytics
Image by jason6768 via Pixabay