NZ US Council Welomes Malaysia To TPP, Encouraged By Japan Interest

Confirmation at APEC in Yokohama that Malaysia has joined negotiations towards an expanded Trans-Pacific Partnership (TPP) agreement has been welcomed by NZ US Council.

“The inclusion of Malaysia is another step forward toward the long term goal of concluding a high quality, comprehensive, free trade area in the Asia Pacific region,” said NZ US Council Executive Director, Stephen Jacobi. Mr Jacobi was speaking from Yokohama where he is attending the APEC CEO Summit.

“Malaysia has a strong economic record and its involvement will further enhance the economic and strategic importance of the TPP. Malaysia has said it is fully prepared to meet the high level ambition set for TPP and to conclude a high-standard agreement. We very much welcome Malaysia’s involvement.”

Mr Jacobi said that there was strong interest being shown in TPP in Yokohama with the Japanese Government confirming a new trade policy providing for the first time a comprehensive approach to trade negotiations which would include freeing up its highly protected agricultural sector.

“TPP is front and centre of discussions in Yokohama this week and New Zealand is playing a key role. The Japanese Government’s trade policy announcement is very welcome and we look forward to working with Japanese business organisations to promote Japan’s future involvement in TPP.”

The NZ US Council co-sponsored a TPP seminar in Yokohama yesterday (11 November) with the aim of promoting business support for the negotiations. The seminar was hosted jointly with the US APEC Business Coalition and the Singapore Business Federation.

About The Trans Pacific Partnership TPP is an existing trade agreement between Brunei, Chile, New Zealand and Singapore. It was designed to allow additional economies from throughout the Asia Pacific region to join. Three rounds of negotiations have been held this year involving the original four countries together with Australia, Peru, the United States and Viet Nam. Malaysia’s inclusion brings the total membership to nine. The fourth negotiating round will be held in New Zealand in December. The economies of APEC account for over 70% of New Zealand’s total merchandise trade. Trade with APEC economies has been growing at an average of 4.5% per annum over the last 20 years.

About NZ/Malaysia trade
Malaysia is currently New Zealand’s 10th largest trading partner by value and eleventh largest export market. A bi-lateral free trade agreement between New Zealand and Malaysia entered into force on 1 August 2010. Two-way trade is valued at $1.87 billion (year to December 2009).

About the NZUS Council – www.nzuscouncil.com
The NZ US Council is a non-partisan body funded by both business and the Government to promote New Zealand’s broader relationship with the US. Two-way trade with the US is valued at over $8 billion and the US is a leading source of investment, innovation and business ideas. The NZ US Council is actively engaged in co-ordinating business and government efforts towards concluding a comprehensive, high quality result to the TPP negotiations. The NZ US Council together with its Washington-based counterpart, the US NZ Council, is currently planning the Fourth US NZ Partnership Forum which will be held in Christchurch from 20-22 February 2011.

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