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

 

Budget Policy Statement: 'Wellbeing Of NZers At The Heart Of Budget Priorities'

“We want a wellbeing focus to drive the decisions we make about Government policies and Budget initiatives. This means looking beyond traditional measures - such as GDP - to a wider set of indicators of success,” Grant Robertson said. More>>

ALSO:

Short Of 2017 Record: Insurers Pay $226m Over Extreme Weather

Insurers have spent more than $226 million this year helping customers recover from extreme weather, according to data from the Insurance Council of NZ (ICNZ). More>>

Environment Commissioner: Transparent Overseer Needed To Regulate Water Quality

Overseer was originally developed as a farm management tool to calculate nutrient loss but is increasingly being used by councils in regulation... “Confidence in Overseer can only be improved by opening up its workings to greater scrutiny.” More>>

ALSO:

Deal Now Reached: Air NZ Workers Vote To Strike

Last week union members voted overwhelmingly in favour of industrial action in response to the company’s low offer and requests for cuts to sick leave and overtime. More>>

ALSO: