CPTPP Trade Deal to Benefit All New Zealanders
With today’s ratification of the CPTPP by Australia, the enormous trans-Pacific trade deal will soon come into force benefiting all New Zealanders through export growth and improved trade opportunities, says the Wellington Chamber of Commerce and Business Central.
"Many years of work have gone into the Comprehensive and Progressive Trans-Pacific Partnership and it should finally be in force by the end of this year triggering the first round of tariff cuts," says chief executive John Milford.
"So far Canada, Australia, Mexico, Japan, and Singapore have ratified the deal; along with New Zealand which passed the required legislation in Parliament last week.
"New Zealand exporters, particularly those in the meat, wool, wine, horticulture, fisheries and forestry sectors will benefit from lower tariffs as well as higher quotas in key export markets. For the first time our exporters will have preferential access to four new markets - Mexico, Japan, Canada, and Peru. These markets are key to our exporters continuing their growth internationally, and will encourage them explore other opportunities.
"This means our exporters have a fairer playing field on which to compete in international markets with New Zealand’s exceptional products.
"I wish to congratulate the dogged determination of our trade negotiators to continue pushing New Zealand’s interests despite the many setbacks and delays.