Progress towards TPP 11 welcomed

Issued by New Zealand International Business Forum (NZIBF).

17 August 2017 – News that the New Zealand Cabinet has approved a negotiating mandate for the Trans Pacific Partnership Eleven (TPP11) has been welcomed by the NZ International Business Forum.

“The approval of a negotiating mandate is an important step towards TPP11, a deal that will deliver real benefits to the New Zealand economy” said NZIBF Chairman Malcolm Bailey.

Mr. Bailey said TPP11 will deliver to New Zealand exporters improved market access into Japan, which is New Zealand’s third largest market, as well as other markets that are not yet underpinned by bilateral trade agreements including Canada, Mexico and Peru.

“Once the TPP11 agreement is fully implemented, it is expected to increase New Zealand’s GDP by $2.5 billion per annum. Annual tariff savings will be in the order of $222 million. These projected gains show that TPP11 remains a valuable endeavour and we applaud the Government’s commitment to achieving this deal for New Zealand.”

ENDS

For further information:

Fiona Cooper, Associate Director, cell 021 934 466

About NZIBF (www.tradeworks.org.nz)

NZIBF is a business organisation which aims to generate wealth for New Zealanders by helping ensure that New Zealand enterprises are fully integrated and engaged in the global economy and New Zealand’s global competitive position is maximised. NZIBF participants represent companies and sectors with a turnover of over $20 billion.