Monday, 28 January 2019 07:55

Benefits coming from revamped TPP deal

Written by 
Trade Minister David Parker. Trade Minister David Parker.

NZ exporters are among the first to benefit from the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) which took effect at the beginning of the new year.

Minister for Trade and Export Growth David Parker says the CPTPP provides NZ with trade agreements for the first time with three big economies -- Japan, Canada and Mexico. He says tariffs in those countries will start to reduce immediately, giving a further boost to the competitiveness of NZ products in those markets.

“When Vietnam joins the agreement on January 14, 2019 it will make an immediate double tariff cut to catch up. Japan’s second tariff cut will take place three months later on April 1.

“The CPTPP has the potential to deliver an estimated $222 million of tariff savings to NZ exporters annually once it is fully in force, with almost half of that ($105m) now available in the first 12 months. This will benefit NZ workers and businesses from Kaitaia to Bluff.”

Parkers says Bay of Plenty, which produces 79% of NZ’s kiwifruit and is our largest producer of avocados, stands to gain as tariffs disappear immediately across the CPTPP region.

 

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