TPP good news for Wellington and New Zealand
4 February 2016
Trans-Pacific Partnership good news for Wellington and New Zealand
Today Paul Foster-Bell, the National List MP based in Wellington Central, welcomed the signing of the Trans-Pacific Partnership Agreement by Trade Minister Hon Todd McClay and the other 11 counterpart trade ministers. This major agreement both protects and enhances New Zealand’s trading position within countries that hold a combined 36% of the world’s GDP.
‘This agreement is a great opportunity for Wellington businesses. I encourage them to seize upon the further opening of access to the world’s largest and most dynamic economies,’ said Foster-Bell.
Wellington businesses will be able to take advantage of preferential access for our goods and services within the other 11 countries, with 93% of tariffs removed from these products and services allowing cheaper and fairer access. This also provides fairer competition in specific markets where New Zealand firms have previously been restricted from competing.
‘It is encouraging to note how many of our local businesses and organisations have reiterated their support of the agreement, including the Wellington Chamber of Commerce and various other business councils. This demonstrates their understanding of how essential this agreement is to the development and growth of New Zealand’s economy as a whole, and to the benefit of Wellington’s businesses,’ said Foster-Bell.