New Zealand govt ratifies TPP agreement just days before English heads to Japan
TVNZ | 11 May 2017
New Zealand govt ratifies TPP agreement just days before English heads to Japan
New Zealand has formally ratified the Trans-Pacific Partnership trade deal just days before Prime Minister Bill English heads to Japan for discussions over its future without the United States.
The two countries are the first to ratify the agreement which fell apart after years of negotiations when US President Donald Trump withdrew the United States from the agreement, calling it a "job killing disaster".
Trade Minister Todd McClay has met with the leaders of a number of partner nations since the withdrawal to discuss alternative ways forward.
The decision was made for New Zealand’s cabinet to ratify on Monday in a show of leadership with the Japanese government, which has been a major force in trying to revive a deal with the TPP 11.
A TPP five, including New Zealand, Australia and Japan, is also an option being considered.
Mr English and Mr McClay will travel to Japan next week for discussions on trade and it’s expected finding an alternative to the original will be a major part of those talks.
"It is an agreement that still has value for New Zealand and we think a common set of rules across the Asia-Pacific will give greater certainty for New Zealand exporters, it’s keeping all of our options open," he said.
Mr McClay will chair a meeting of TPP trade ministers next month when he attends the APEC Trade Ministers’ meeting in Vietnam.
"We’ll have a chance to consider some of those [alternative] options and see what the next steps forward might be," he said.
It’s expected a number of the remaining 11 partner nations will also ratify the agreement in the coming months.
"In the meantime we also need to continue with the discussion about how we would take the next step forward for TPP without the US," Mr McClay said.
"In as far as New Zealand’s concerned any agreement that offers better access for our New Zealand exporters it’s worth us putting effort in and we’ll continue to push that agenda."
The remaining countries are New Zealand, Australia, Japan, Chile, Brunei, Vietnam, Singapore, Canada, Mexico, Malaysia and Peru.
Export New Zealand welcomed the ratification announcement.
"The TPP process was a long, hard negotiation and it would be a huge waste if we failed to lock in the benefits that remain with the 11-country TPP," said chair Sir Ken Stevens.
"At a time when some countries are looking inward, progressive trading nations like New Zealand are right to be affirming the TPP."
