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

 

Red meat sector welcomes signing of TPP

Red meat sector welcomes signing of the Trans-Pacific Partnership (TPP) Agreement

The signing of the Trans-Pacific Partnership (TPP) Agreement today in Auckland is a significant step towards reducing the amount of tariff and non-tariff barriers on New Zealand red meat exports, according to the Chairmen of Beef + Lamb New Zealand (B+LNZ) and the Meat Industry Association (MIA).

Trade Minister Todd McClay signed the TPP Agreement today with the 11 member countries, including from Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, Peru, Singapore, the United States and Vietnam.

“This deal is critical for New Zealand sheep and beef farmers and meat exporters, keeping us competitive in key markets”, said Beef + Lamb New Zealand Chairman James Parsons.

The New Zealand sheep and beef sector exports close to 90% of its production totaling $7.4 billion, on which we paid $323 million of tariffs in 2014. Nearly one-third of those total exports go to TPP member countries, with a significant proportion of those tariffs paid in Japan ($77 million) - where applied tariffs on our beef exports are 38.5%.

The TPP agreement will eliminate, over time, the vast majority of tariff costs on New Zealand red meat exports to TPP member countries. Based on 2014 exports, this would be a reduction in tariffs paid of around NZ$72 million which ensures that New Zealand red meat products will remain competitive in TPP markets.

“The TPP deal also includes ways to address complex non-tariff barriers, which will prove useful in terms of opening markets and ensuring that they stay open”, said MIA Chairman Bill Falconer.

The TPP is expected to enter into force within two years, once all member countries have completed their legislatives processes.

B+LNZ and MIA work together to improve access for sheep and beef products to overseas markets, including by providing in-depth analysis to support the government's trade negotiation efforts.

ends

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Air New Zealand: Capital Raise Deferred

Air New Zealand has decided to defer its planned capital raise to later in 2021 allowing more time to assess the impacts of recent developments on the airline’s path to recovery. 'We’ve seen some clearing of COVID-19 clouds recently, with ... More>>

Commerce Commission: Cartel Conduct Now Punishable By Up To 7 Years’ Jail Time

Cartel conduct can now be punished with a term of imprisonment of up to 7 years, after the Commerce (Criminalisation of Cartels) Amendment Act 2019 came into effect today. Cartel conduct includes price fixing, market allocation and bid rigging (see ... More>>

Stats NZ: Auckland Population May Hit 2 Million In Early 2030s

Auckland’s population may rise from about 1.7 million currently to 2 million by early next decade, Stats NZ said today. “Auckland will likely have the highest average annual growth of New Zealand’s 16 regions over the next 30 years, from ... More>>

Air New Zealand: Business Travellers Return To The Skies In Record Numbers

After a year of talking to a computer, Kiwis are leaving the office to re-connect with their clients, suppliers, and staff. New figures released by Air New Zealand show domestic business and corporate travel has defied global trends by returning ... More>>

PwC: Outcome Of Review Into Air New Zealand Gas Turbines Business

Air New Zealand has received the report into its Gas Turbines business from independent external advisers PwC. Air New Zealand Chairman Dame Therese Walsh says the report identified a range of effective controls in the Gas Turbines revenue contracting ... More>>

LPG Association: Renewable LPG Achieves Emissions Budgets With No Need To Ban New LPG Connections

Renewable LPG can supply New Zealand’s LPG needs and achieve the emissions reductions proposed by the Climate Commission without the need to ban new connections, a new study shows. The investigation, by leading consultancy Worley, was prepared for the ... More>>

Commerce: House Values Continue To Climb As New Government Measures Announced

The Government’s new initiatives to quell the rocketing housing market were announced last week, just as house prices hit a new high for the end of March. The average value increased 7.8% nationally over the past three-month period, up from the 6.8% ... More>>