Trade Minister Todd McClay has welcomed a joint statement from the TPP 11 countries saying it shows unity between the 11 and important next steps for the agreement.
“This outcome was better than we might have hoped for. It demonstrates a commitment from all 11 countries to implement the agreement which is extremely valuable for New Zealand and sets a clear path to a meeting of leaders in November of this year,” Mr McClay says.
“TPP is a high-quality set of rules for the Asia-Pacific which will increase market access for our exporters and benefits our wider economy.”
The statement was unanimously agreed to by the 11 countries at a meeting which New Zealand co-chaired with Vietnam on the sidelines of APEC in Hanoi.
Senior officials will now meet later this year in Japan to assess options for bringing TPP11 into force expeditiously as well as looking at how to facilitate membership for the original signatories.
Ministers of the 11 TPP countries have asked for this work to be completed before they meet at the APEC Economic Leaders Meeting on 10-11 November 2017 in Da Nang, Vietnam.
Mr McClay says that TPP11 represents tariff savings of $222 million each year. Japan’s National Graduate Institute of Policy Studies has estimated that TPP11 will increase New Zealand’s GDP by 3.4% and is worth an additional $2.5 billion to our economy after 10 years.
“TPP11 has both important strategic and economic value. It would ensure our exporters remain competitive in important markets and will support jobs in all regions of New Zealand,” Mr McClay says.