TPP or something else, we need a deal

Todd McClay

Wellington, May 11, 2017

I welcome Cabinet’s decision to ratify the Trans-Pacific Partnership (TPP).

the move shows that leadership with Japan which has also ratified the agreement.

Cabinet’s decision sends a clear message that we see value in a common set of high-quality rules across the Asia-Pacific and we are keeping all of our options open.

Economic value

TPP remains valuable both economically and strategically. It stands to improve access for New Zealand exporters and lower tariffs around the Asia-Pacific, including Japan, the world’s third largest economy.

The ratification comes ahead of the APEC Trade Minister’s meeting in Vietnam later this month where Mr McClay will Co-chair a separate meeting of TPP Ministers.

Following the US withdrawal from TPP, our export sector and business community sent a clear message to find a way forward for this valuable agreement and that is what we have been working hard to do.

Alternative options

We are still actively exploring alternative options for TPP and expect other TPP partners to also ratify in the coming months.

There is a building consensus that a common set of high quality rules across the Asia-Pacific will greatly benefit regional economic integration and support openness.

High-quality trade deals are a key driver of growth, competition, innovation and productivity that create jobs and lower costs for consumers.

Editor’s Note: New Zealand’s implementing legislation and regulations only take effect on the date that the Agreement enters into force for New Zealand.

Todd McClay is Trade Minister of New Zealand.

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