Business Forum welcomes Ratification of TPP

The NZ International Business Forum welcomes the New Zealand Government’s decision to complete the ratification process for the Trans Pacific Partnership (TPP).

“As one of the leading advocates for the TPP, we are pleased to see the Government take this next step” said NZIBF Chair Malcolm Bailey.

“TPP was a very good deal for New Zealand. There were strong outcomes across a range of sectors although considerable work remains to liberalise dairy trade across the region. New Zealand had to make little change to current settings to implement its provisions.”

“TPP, as originally negotiated, remains effectively in limbo, and cannot enter into force without the United States.  In the event the United States does decide to join TPP in the future, New Zealand and Japan, which has also ratified, will be ready to welcome them back”.

“Meantime, given New Zealand’s central role as Depositary for TPP, ratification sends a powerful signal to the other eleven members of TPP about the continuing importance of trade liberalisation and supports the leadership New Zealand is showing in exploring a possible new agreement between the remaining TPP parties”.

Mr Bailey said that if the concept of TPP without the United States made progress, he expected a separate ratification process would be required in New Zealand.