Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Govt to release CPTPP national interest analysis on Wed

Govt to release CPTPP national interest analysis on Wednesday

By Paul McBeth

Feb. 19 (BusinessDesk) - The government will release the national interest analysis for the Comprehensive and Progressive Trans-Pacific Partnership on Wednesday, and the full text too if the other nations agree, says Prime Minister Jacinda Ardern.

The Labour-led administration signed up to the regional trade and investment pact after the renegotiated deal let it restrict foreign buyers of existing residential property and watered down some of the more onerous Investor State Dispute Settlement provisions imposed before the US withdrew under President Donald Trump. Ardern today said the Ministry of Foreign Affairs and Trade's analysis unpicking the pros and cons of the deal for the country will be released on Wednesday, and she's hopeful of publishing the full text the same day if certain translation issues are overcome.

"We have been urging all parties to reach agreement because of our strong desire to be absolutely transparent around the text as soon as possible," Ardern said at her weekly post-Cabinet press conference. "It is our hope it will be available at the same time as the national impact assessment, but either way, we're looking to release the national impact assessment this week."

MFAT's analysis of the 13-nation Trans-Pacific Partnership, which included the US, estimated an economic benefit of $624 million would accrue from reduced tariffs and barriers and a further $1.46 billion benefit from the removal of non-tariff barriers, with an additional $374 million derived from better trade measures and $250 million from the removal of barriers to services. That would be offset by a $55 million cost from a copyright extension, $20 million of foregone tariff revenue and about $4.2 million in administrative and marketing costs. The analysis ultimately found the deal was in New Zealand's interests.

The government has been on a charm offensive, holding meetings around the country to explain its position on the CPTPP, which sparked ire in its previous incarnation over the lack of transparency and fears it would undermine national sovereignty.

The deal is expected to be signed in Chile on March 8, but Ardern said it won't come into force until it's ratified by 50 percent of the partners. Parliament will debate the agreement and that it will also go through select committee scrutiny for a full public examination, she said.

(BusinessDesk)

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Land Report: Issues With Soil Degradation

An environmental report released today has found we are damaging and losing our soils and our native plants and animals. More>>

ALSO:

Water Quality Report: Cause For Optimism

National River Water Quality Trends released by Land, Air, Water Aotearoa (LAWA) this week, reveal that for all river water quality parameters monitored over a 10 year period, more sites were improving than deteriorating. More>>

ALSO:

IMF Report On NZ: Positive Economic Outlook

Minister of Finance Grant Robertson has welcomed the IMF’s Concluding Statement, released following its annual visit, which provides an independent assessment of the strength of the New Zealand economy. More>>

ALSO:

Retail Power Price: Review Panel Named

The Energy and Resources Minister Megan Woods has released the details of who will sit on an expert advisory panel which is tasked with leading a review into the price of electricity in New Zealand. More>>

ALSO:


Increasingly Disruptive Threats: Govt Cyber Security Refresh

Broadcasting, Communications and Digital Media Minister Clare Curran today announced a comprehensive refresh of New Zealand’s approach to cyber security. More>>

ALSO:


Regional Growth: Action Plan To Modernise Taranaki’s Economy

The Provincial Growth Fund (PGF) will invest up to $20 million to help future-proof the Taranaki region by diversifying its economy, creating additional jobs and leveraging off the strong base the region has established through its oil, gas and agricultural ... More>>

ALSO:

Winding Down Irrigation: Funding Ends For Crown Irrigation Investment

The Government has begun winding down public funding for large-scale irrigation through Crown Irrigation Investments Limited (CIIL), in line with the Coalition Agreement and the Confidence & Supply Agreement. More>>

ALSO: