US, EU and UK drive NZ red meat export boom to $827m
According to analysis by the Meat Industry Association (MIA), New Zealand red meat exports reached $827 million in October, a 27% increase on the same period last year.
"We're confident that New Zealand's negotiators have secured the best possible deal for Kiwi sheep and beef farmers," says B+LNZ chairman James Parsons.
"The TPP will have a significant impact on the competitiveness of our exports in TPP markets."
The sheep and beef sector paid $94 million in tariffs for $2.4 billion exports to TPP countries in 2014. Nearly a third of the sector's exports are to TPP countries.
New Zealand doesn't currently have FTAs with Japan, the US, Canada, Mexico or Peru, says MIA chairman Bill Falconer.
"This deal is particularly important for us in relation to those markets, some of which currently charge very high tariffs on our exports but are highly valuable to the sector,"
"The TPP will also open the door to addressing some complex and costly non-tariff barriers." says Falconer.
New Zealand's FTAs saved $161 million in tariffs on the sheep and beef sector's global exports last year, and the conclusion of the TPP means that number will continue to grow.
The full details of the TPP, including the specific tariff cuts taking place in various markets, are expected to be released by the government soon.
