Minister of Trade Todd McClay has welcomed the second reading of the Trans-Pacific Partnership Agreement (TPP) Amendment Bill in Parliament today.
“TPP is our biggest trade deal to date, and presents a huge opportunity for our economy, adding an estimated $2.7 billion a year to New Zealand’s GDP once it has been fully phased in,” says Mr McClay.
TPP is designed to create a level, transparent, and predictable playing field for trade within the Asia Pacific region. The TPP Amendment Bill includes changes to New Zealand law that will allow New Zealand to ratify the Agreement.
“TPP sets high standards in many areas. New Zealand is already an open, transparent and trade-friendly country.
“All primary legislative changes that do need to take place prior to TPP’s entry into force are addressed in the Bill currently before Parliament. The Government’s objective in this process has been to ensure New Zealand complies with its TPP obligations in a manner least disruptive to our current policies and regulations,” says Mr McClay.
The select committee received 85 written and oral submissions from the public, and 20 of those submissions contained no comment on the drafting of the Bill.
“The select committee made some important amendments. For example, by making clear that changes to New Zealand law introduced by the TPP Bill will only commence on the date TPP enters into force for New Zealand.”
The Government expects the Bill to be passed this year. Once the Bill has been passed and other regulatory changes are in place, the Government will be ready to formally ratify the agreement. TPP could come into force by late 2017 or early 2018, once countries have completed their own processes for ratifying TPP.
For more information on the TPP Amendment Bill and the legislative changes that are being proposed, please refer to the Second Reading speech delivered earlier today before Parliament