News | Business
19 Mar 2018 12:01
NZCity News
NZCity CalculatorReturn to NZCity

  • Start Page
  • Personalise
  • News
  • Sport
  • Weather
  • Shopping
  • Jobs
  • Horoscopes
  • Lotto Results
  • Photo Gallery
  • Site Gallery
  • TVNow
  • Dating
  • SearchNZ
  • NZSearch
  • RugbyLeague
  • Make Home
  • About NZCity
  • Contact NZCity
  • Your Privacy
  • Advertising
  • Login
  • Join for Free

  •   Home > News > Business

    New Zealand signs Trans-Pacific trade pact

    New Zealand and 10 other nations have signed the CPTPP free trade agreement, Trade Minister David Parker says it creates new opportunities in key markets.

    9 March 2018

    New Zealand and 10 other nations have signed the Trans-Pacific Partnership free trade agreement.

    Trade Minister David Parker, in Chile for the ceremony, says it will create new opportunities for New Zealand's exporters in key markets.

    The agreement, renegotiated after the US pulled out and now called the Comprehensive Progressive Trans-Pacific Partnership (CPTPP) brings together countries whose combined economies are worth $US10 trillion ($NZ14t).

    "This is a fair deal for New Zealand," Mr Parker said after he had signed the CPTPP.

    "It gives our exporters new opportunities in key markets like Japan, it preserves the unique status of the Treaty of Waitangi, and it protects the government's right to regulate in the public interest."

    The deal gives New Zealand businesses preferential access to Canada, Mexico and Peru for the first time.

    Over time, 98 per cent of export tariffs will be eliminated.

    According to the Ministry of Foreign Affairs and Trade's estimates, the CPTPP is expected to give a $1.2 billion to $4b boost to New Zealand's real gross domestic product.

    That includes almost $86 million in expected tariff savings for the dairy industry, while the country's exporters would save about $200m in reduced tariffs to Japan alone.

    The CPTPP covers Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.

    Despite withdrawing the US from the TPP in January last year, President Donald Trump is set to steal some of the spotlight just hours after the signing.

    Mr Trump is expected to sign a presidential proclamation setting up 25 per cent tariff on steel and 10 per cent tariff on aluminium imports at 9.30am Friday (NZT), with the measures taking effect two weeks later.

    © 2018 NZN, NZCity

     Other Business News
     19 Mar: Kiwifruit orchards marketed overseas
     19 Mar: Kiwi steady ahead of busy week
     18 Mar: Maori collective eye berries to boost jobs
     16 Mar: RBNZ expected to hold rate at review
     16 Mar: Cambodian director of Sofitel hotel linked to business which saw shooting of farmers
     16 Mar: Veritas shareholders for Mad Butcher sale
     16 Mar: NZ dairy manufacturer plans to list on ASX
     Top Stories

    Folau and Waratahs to soar to new heights More...

    Kiwifruit orchards marketed overseas More...

     Today's News

    Living & Travel:
    Dogs need to be mentally tougher: Woods 11:55

    Health & Safety:
    Cirque du Soleil aerialist Yann Arnaud dies after falling during Volta performance 11:25

    McCartney capable of 5m pole vault: coach 11:05

    Kiwifruit orchards marketed overseas 10:45

    Accident and Emergency:
    Two yachtsmen rescued off Northland coast 10:25

    Ali to embrace 50th England Test 10:15

    Kiwi steady ahead of busy week 9:25

    Law and Order:
    Jakarta has a serious cat problem, containing it is dirty work 8:35

    Is Facebook being honest with you about how it targets ads? 8:25

    Melb Utd coach slams refs after NBL loss 8:15

     News Search

    Power Search

    © 2018 New Zealand City Ltd