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Trans-Pacific Partnership agreement

October 6, 2015

Trans-Pacific Partnership agreement

The seafood sector welcomes the Trans-Pacific Partnership agreement.

All seafood tariffs will be removed within the 12 Asia-Pacific countries, according to the deal announced this morning.

“Over 80 percent of gains will be from Japan,” Seafood New Zealand Chief Executive Tim Pankhurst said.

“Two thirds of exports (63 percent) will be tariff free on implementation, rising to 91 percent after five years and total removal at the end of 15.

“There is no detail as yet on how those products will be broken down.

“While the monetary gains are modest, estimated at $8 million on $564 million trade to TPP countries, that is based on current trading and does not account for possible rebalancing of markets.

“On squid for instance, opening up of the Japan market could see a shift on reliance on sales to Spain and Greece, boosting our opportunities.

“The proposed agreement is vital for a trading country like New Zealand whose economy is based on primary products. Any prising open of notoriously protectionist countries like the US, Canada and Japan has to be a good thing, even if falling short of the optimum outcome.”

ends

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