For example, New Zealand’s increasing reliance on Asia as a trading partner reflects export market flexibility and has helped growth, but could not shield us from the slowdown in world demand, or the drying up of financing, even if it has meant a smaller drop in demand for our exports.
Another initiative which the BRICS grouping has undertaken in its quest to strengthen the global financial safety net is the Contingent Reserve Arrangement (CRA). The CRA Treaty was signed in July 2014 and came into effect a year later; it is now fully operational.