TPP will be NZ’s most lucrative trade deal
6 October 2015
The Trans Pacific Partnership Agreement will be the biggest and most lucrative trade deal in New Zealand’s history despite dairy not getting exactly what we all wanted it to get, says Katherine Rich.
“There have been big gains for some sectors and small gains for others, but the main thing is that the agreement will be a big net gain for New Zealand.
“We will have much better access to 800 million people. The elimination of tariffs on 93% of our trade with 11 countries in the Asia-Pacific region that represent 36% of the world’s GDP is very significant and will deliver huge benefits for our economy.
“New Zealand doesn’t aim to feed the entire world, just a small high value market segment with products that are of the highest quality – and the TPP will enable us to drive further export growth.
“And though some will be disappointed with the outcome for dairy, there are gains that weren’t there before. Dairy will get preferential access to new quotas into the US, Japan, Canada and Mexico, and it looks like there will be tariff elimination on a number of products. We can only imagine what access to the world’s biggest consumer market, the US, might mean over time for products such as infant formula.
“Trade Minister Tim Groser and his officials are to be congratulated for their tireless work on bringing home this vital agreement.”
Check out the TPP graphic on MFAT’s TPP website here.