TPP Bill passes Third Reading
Trade Minister Todd McClay has welcomed the third reading of the Trans-Pacific Partnership Agreement Amendment Bill in Parliament today.
The passage of this Bill is a significant step towards New Zealand ratifying the Trans-Pacific Partnership (TPP).
“It will be a signal of the commitment that New Zealand has for the continued liberalisation of international trade. At times when there is uncertainty in the rest of the world, New Zealand’s consistent and trusted voice of negotiating trade outcomes that are good for our economy needs to be heard.
“Our vision for a mechanism to enhance trade between four countries grew into the largest trade agreement to date and which places us in the middle of a region encompassing nearly 40 per cent of global GDP. We can be very proud of that, but we must continue to push for new trading opportunities and to continue to push for trade liberalisation wherever we can,” says Mr McClay.
The Bill makes all the necessary changes to primary legislation required by New Zealand to ratify TPP. The amendments introduced by the Bill – and other related changes to New Zealand law – will take effect only from the date that TPP enters into force for New Zealand.
TPP provides for an initial period of up to two years for all TPP signatories to complete their own domestic procedures required to ratify TPP. The Government hopes that other TPP signatories will continue their efforts to complete their domestic processes.
“Whilst acknowledging that there remain obstacles to the agreement coming into force, we need to take time to allow the new US administration time to fully consider its trade agenda.
“Until then, New Zealand will continue its own, well-proven path to openness and inclusiveness in the global trade arena,” says Mr McClay.