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Services and investment boosted under TPP

Hon Todd McClay
Minister of Trade

3 March 2016
Media Statement


Services and investment boosted under TPP

Trade Minister Todd McClay says New Zealand’s services sector will reap the benefits under the Trans-Pacific Partnership (TPP).

Mr McClay, speaking at the Institute of Directors in Auckland, said New Zealand exports $8 billion of services to TPP countries.

“The agreement will help us build on that and create new investment opportunities between all 12 TPP countries,” says Mr McClay.

“Service providers across a range of sectors including professional, business, education, environmental, transportation and distribution are all set to gain.

“They will now benefit from legal protections that guarantee access and non-discriminatory treatment in a market with collective GDP of US$28 trillion.”

Mr McClay today also visited Auckland ICT companies and discussed the opportunities TPP provided.

“New Zealand’s total exports of telecommunications, computer and information services is currently valued at $826 million, with approximately 67 per cent, or $552 million, of that destined for TPP countries.

“In fact the United States and Australia are New Zealand’s biggest destinations for telecommunications, computer and information services.

“Computer services exports to TPP countries grew 19 per cent last year, with strong growth to the US, which was up $59 million, and Australia, which increased by $18 million.

“TPP also includes new commitments that will guarantee business people improved visa access for a range of activities such as attending conferences, or establishing investments and sending New Zealanders to TPP markets to run those investments.

“With limited exceptions, TPP countries have agreed not to restrict foreign participation in warehousing, distribution, and retail services. New Zealand education providers will have improved access to Canada, Japan, Mexico, Peru and the US, and second-language training services for Chile and Viet Nam,” says Mr McClay.

He says TPP also improves New Zealand’s attractiveness as a destination for investment.

“New Zealand has a reputation as a great place to do business and TPP will help broaden New Zealand’s appeal as a gateway into the Asia-Pacific region.

“It is also not insignificant that, for the first time in an international agreement, New Zealand has gained guaranteed access for investors into the United States, Japan, Canada, Mexico and Peru, Brunei. Chile, Malaysia, and Viet Nam.”

ends

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