Trade Minister Todd McClay has welcomed Cabinet’s decision to ratify the Trans-Pacific Partnership (TPP) and says the move shows leadership with Japan who has also ratified the agreement.

“Cabinet’s decision sends a clear message that we see value in a common set of high-quality rules across the Asia-Pacific and we are keeping all of our options open,” Mr McClay says.

“TPP remains valuable both economically and strategically. It stands to improve access for New Zealand exporters and lower tariffs around the Asia-Pacific, including Japan, the world’s third largest economy.”

Ratification comes ahead of the APEC Trade Minister’s meeting in Vietnam later this month where Mr McClay will Co-chair a separate meeting of TPP Ministers.

“Following the U.S. withdrawal from TPP, our export sector and business community sent a clear message to find a way forward for this valuable agreement and that’s what we have been working hard to do,” Mr McClay says.

“We are still actively exploring alternative options for TPP and expect other TPP partners to also ratify in the coming months.”

“There is a building consensus that a common set of high quality rules across the Asia-Pacific will greatly benefit regional economic integration and support openness. High-quality trade deals are a key driver of growth, competition, innovation and productivity that create jobs and lower costs for consumers."

Note to editors: New Zealand's implementing legislation and regulations only take effect on the date that the Agreement enters into force for New Zealand.

Source: www.beehive.govt.nz