Foreign investment is critical
Foreign investment not only brings in money but links New Zealand into foreign markets, says former Prime Minister John Key.
Prime Minister John Key offered to host the signing of the Trans Pacific Partnership (TPP) trade deal in New Zealand, says Trade Minister Todd McClay.
They are looking at possible dates with the 11 other countries involved in the deal.
Currently TPP participants are also legally verifying the text. When that it finished it will be made publicly available and will need to be signed, McClay adds.
NZ is the repository, meaning we take responsibility for holding the final text when it is signed.
"Every country has a different process to go through domestically to have the ability to sign the agreement and they need to wait until all 11 countries have finished that process before final decisions on a venue and a date can be made."
On the free trade negotiations with the European Union, McClay says he met with the EU trade commission head Cecilia Malmström in Nairobi in December and they agreed McClay would travel to Brussels early this year and meet with her again.
"We have agreed we want to make significant progress during this year, but it is likely to take a couple of years before we can be close to reaching agreement on an FTA with the European Union," he told Rural News. "It is a big priority for our government."
Current two way trade with the EU, even without an FTA, is worth $20 billion. The TPP is worth about $28b in exports to NZ and the China FTA is worth about $20b.
