Auckland has seldom hosted a more globally important meeting than the nine days of negotiations that start today on the proposed Trans-Pacific Partnership agreement.
The TPP offers the most promising advance of free trade since the failure of the World Trade Organisation's Doha round. Regional free trade treaties are a poor substitute for a global agreement but when they are based on the same principles and open to all countries that can meet their standards, they are the next best thing.
Doha may have failed but it has done the cause of free trade a favour by removing the fear of failure. Previously trade talks of all kinds tended to struggle on, and on, and sometimes cobble together a largely cosmetic agreement because failure was unthinkable. Without constant progress, it was believed, countries would drift back into protective habits.
Doha showed that risk was no longer high. Few countries see much future in closing their markets to foreign competition any more. Even in the recession that followed the global financial crisis the world has not seen tariff barriers rise as they did in the depression of the 1930s. Trade is these days recognised as a universal benefit even if countries still make heavy weather of bargaining for it.
New Zealand is one of those that has reduced its barriers of its own accord and has done deals with countries of a similar outlook. The TPP is one of them, started by New Zealand, Singapore, Brunei and Chile.