Trade Minister Todd McClay can now confirm that the Government is planning to host the signing of the Trans-Pacific Partnership (TPP) in New Zealand on Thursday 4 February.
“New Zealand has issued invitations to TPP Ministers to sign the Agreement in Auckland.
“Signature will mark the end of the TPP negotiating process,” says Mr McClay.
“Following signature, all 12 countries will be able to begin their respective domestic ratification processes and will have up to two years to complete that before the agreement enters into force.
“For New Zealand, following signature the Government will submit the final text of TPP and the National Interest Analysis to Parliament. The legislative changes to implement TPP will then go through normal policy and Parliamentary procedures.
“During this period before TPP enters into force, the Government will be running a series of roadshows throughout the country.
“The roadshows are for interested members of the public to learn more about TPP, and to assist businesses identify and plan for new export opportunities when TPP comes into force,” says Mr McClay.
The TPP region accounts for 36 per cent of the global economy, and over 40 per cent of New Zealand’s exports ($20 billion goods, and $8 billion services).
“Once TPP is fully phased in, tariffs will be eliminated on 93 per cent of New Zealand’s trade with our new FTA partners: the United States, Japan, Canada, Mexico and Peru.
“TPP will ultimately give New Zealand around $260 million of tariff savings a year,” says Mr McClay.