Stephen Jacobi, NZIBF Executive Director, speaks to the Confederation of Indian Industry Partnership Summit in New Delhi about The Future of Multilateralism.
Remarks to Select Committee – CPTPP
REMARKS TO FOREIGN AFFAIRS, DEFENCE AND TRADE COMMITTEE INTERNATIONAL TREATY EXAMINATION OF THE COMPREHENSIVE AND PROGRESSIVE AGREEMENT ON TRANS PACIFIC PARTNERSHIP (CPTPP)
AUCKLAND, 21 MAY 2018
STEPHEN JACOBI, EXECUTIVE DIRECTOR
Mr Chairman, Honourable Members
I am Stephen Jacobi, Executive Director of the NZ International Business Forum, and am pleased to be joined this morning by Associate Director, Stephanie Honey, who also serves as Adviser to the New Zealand members of the APEC Business Advisory Council (ABAC).
We have the honour to present to you the submission of the NZ International Business Forum in respect of your examination of the Comprehensive and Progressive Agreement on Trans Pacific Partnership (or CPTPP) Treaty.
The New Zealand International Business Forum (NZIBF) brings together the leaders of the country’s major international sectors plus the leading business organisations.
You will have heard already from some of our members in respect of this treaty.
This is the third time I have appeared before a Select Committee to advocate that New Zealand should proceed to ratify the Trans Pacific Partnership.
The two previous occasions were in respect of the earlier TPP.
NZIBF members were disappointed when the US Administration decided to withdraw from the earlier agreement, thus effectively preventing its entry into force.
Thanks to the efforts of both former and current Trade Ministers and our talented negotiators we are delighted to see TPP continue in the amended form of CPTPP.
Now, as then, we believe this treaty to be strongly in New Zealand’s interest.
CPTPP preserves the market access gains from the earlier agreement, eliminating and reducing tariffs and non-tariff barriers, for both goods and services, though sadly not in relation to the United States, but particularly in relation to the four economies where we do not have FTAs in place namely Canada, Japan, Mexico and Peru.
Securing improved market access, on a level playing field with our competitors, in the Japanese market is critical to securing New Zealand success in that market.
CPTPP puts in place new and improved trade rules, which will benefit small and medium sized businesses as well as larger ones, particularly in the digital space.
CPTPP brings forward new, enforceable disciplines to protect the environment and to secure decent working conditions in member economies.
CPTPP upholds the Treaty of Waitangi and safeguards the Government’s right to take actions to advance the Maori people.
CPTPP sets some new benchmarks for the way foreign investors should be treated and provides for arbitration and dispute settlement between states and foreign investors.
CPTPP provides numerous safeguards to enable governments to continue to regulate in the public interest in matters concerning public health and the environment.
Because CPTPP has suspended a large number of provisions relating to intellectual property in the former TPP, which were mostly demands of the United States, CPTPP has little if any impact on New Zealand’s intellectual property regime or on health policy.
According to the independent economic modelling in the national interest analysis, CPTPP, on the upside, has important economic impacts in terms of growth, foreshadowing improvements in real wages and job creation, and, on the downside, presents minimal risks in terms of job losses.
CPTPP also paves the way towards a high-quality broader Asia-Pacific regional free trade area that would help to deliver sustained prosperity into the future.
But CPTPP is not perfect.
The market access gains are limited in respect of the dairy sector.
The provisions concerning the environment and labour, while breaking new ground in many respects, could be further strengthened as the treaty evolves in the future.
While the agreement provides for investor protection, NZIBF members are disappointed that those protections for New Zealand outward investors in markets including Australia, Malaysia and Viet Nam as well as others have been limited by side letter.
NZIBF members certainly understand the public disquiet about investor-state dispute settlement, and acknowledge the Government’s new policy direction, but the result is an agreement which is inconsistent in application amongst New Zealand’s investment partners and between New Zealand’s various agreements.
We look forward to continuing to discuss with the Government how we might address these concerns in the future.
None of this suggests to us that New Zealand should not proceed to ratify CPTPP at this point.
I urge you, members of the Select Committee, not to make the perfect the enemy of the very, very good.
Not to proceed with CPTPP – after over a decade of effort – would marginalise New Zealand in a global trade environment which is increasingly under stress as protectionism gains ground.
Proceeding to ratify CPTPP – and being amongst the first six members to bring the treaty into force – would send a strong signal about New Zealand’s openness to trade and investment and about our belief in the rules-based order for regional economic integration.
We therefore commend this treaty to you and urge all members of the New Zealand Parliament to indicate their support for ratification at the earliest possible opportunity.
REGISTER WITH TRADE WORKS
Register to stay up to date with latest news, as well as saving and discussing articles you’re interested in.
Remarks to Confederation of Indian Industry Partnership Summit, New Delhi, 15 March 2023
"The Future of Multilateralism" by Stephen Jacobi, NZIBF Executive Director Namaskar Tēnā koutou katoa – greetings to you all in the language of the Māori people of Aotearoa New Zealand. It is an honour for me to speak to such a distinguished gathering today....
AMIDST THE STORM: ABAC MEETS IN AUCKLAND
Perhaps a cyclone was after all a fitting backdrop for the meeting of the APEC Business Advisory Council (ABAC) which was held in Auckland on 12-14 February – the global environment against which the meeting took place is decidedly stormy. In the event the wind...
Asia-Pacific business leaders call for action on climate and economic inclusion
APEC NEWS RELEASE Issued by The APEC Business Advisory Council (ABAC) Auckland, 14 February 2023 - Members of the APEC Business Advisory Council (ABAC) met in Auckland, New Zealand this week to develop a work plan that calls on policymakers to leverage trade and...
ASIA-PACIFIC BUSINESS LEADERS GATHERING IN AUCKLAND, 12-14 FEBRUARY 2023
Media Release - 8 February 2023 Equity, sustainability and opportunity are key themes of one of the largest gatherings of senior Asia-Pacific business leaders held in New Zealand for some time. The APEC Business Advisory Council (ABAC) is due to meet in Tāmaki...
A YEAR FOR RECONNECTING
As I write this end of year dispatch, NZIBF is preparing to host the first meeting for 2023 of the APEC Business Advisory Council (ABAC). We are looking forward to welcoming the 200 or so business leaders and senior officials from APEC member economies across the...
MAJOR GATHERING OF ASIA-PACIFIC BUSINESS LEADERS TO BE HELD IN AUCKLAND, 12-14 FEBRUARY 2023
Media Release - 14 December 2022 Sustainability, digitalisation and resilient, inclusive trade will be key themes of a major gathering of senior Asia-Pacific business leaders to be held in Auckland early next year – the first such event to be held in New Zealand...
NZ Herald: Time to lift our game in India
Following his recent visit to India our Executive Director Stephen Jacobi penned this article advocating a more strategic approach to the further development of the relationship. The article was published by the NZ Herald on 9 December.
APEC Rolls out Priorities for 2023
Issued by the Informal Senior Officials’ Meeting - Honolulu, The United States, 13 December 2022 Aiming to provide tailwinds for member economies to strengthen recovery and resilience, as well as advance broad-based economic growth, the United States rolled out its...
NZIBF 2022 Chair Report
ANNUAL GENERAL MEETING 2022 CHAIR’S REPORT I am pleased to present my second report on the activities and achievements of the NZ International Business Forum (NZIBF) for 2022-23, our fifteenth year of operations. At the outset I would like to thank Members for...
APEC Leaders Issue 2022 Declaration and the Bangkok Goals on the Bio-Circular-Green Economy
Issued by the APEC Economic Leaders' Meeting Bangkok, Thailand, 19 November 2022 The Leaders of the 21 APEC member economies issued the 2022 Leaders’ Declaration following the 29th APEC Economic Leaders’ Meeting chaired by the Prime Minister of Thailand,...
NZ BUSINESS LEADERS AT APEC 2022
New Zealand business will be represented at the APEC Leaders’ Week in Bangkok, commencing 13 November, by members of the APEC Business Advisory Council (ABAC). New Zealand’s three members – Rachel Taulelei, Malcolm Johns and Anna Curzon – supported by Stephen Jacobi...
Submission to the Ministry of Foreign Affairs and Trade: Re-Development of the Framework for Integrating Labour Standards and Trade Agreements
Submission by NZIBF – October 2022 This submission is made on behalf of the NZ International Business Forum (NZIBF), whose members are listed at Annex A. NZIBF is a forum of senior business leaders working together to promote New Zealand’s engagement in the global...
Address to the 51st One Stop Update for The Accountant In Business, 25 October 2022
ADDRESS TO THE 51st ONE STOP UPDATE FOR THE ACCOUNTANT IN BUSINESS AUCKLAND, 25 OCTOBER 2022 STEPHEN JACOBI EXECUTIVE DIRECTOR NZ INTERNATIONAL BUSINESS FORUM GLOBAL ECONOMIC UPDATE Thanks to Brightstar for inviting me back to address this conference once again. When...
Submission to MPI on Modernising Our Export Assurances Systems: Legislative Options
Submission by Export NZ and NZIBF - 29 September 2022 1.0 INTRODUCTION 1.1 Export New Zealand (ExportNZ) and the New Zealand International Business Forum (NZIBF) welcome the opportunity to comment on the Ministry for Primary Industries’ (MPI) Modernising Our Export...
Submission to MFAT for CPTPP Review
30 September 2022 Phil Mellor Economic Division, Ministry of Foreign Affairs and Trade, Wellington (By email) Dear Phil, Thank you for your email of 1 September, seeking our comments on the three year review of the Comprehensive and Progressive Agreement for Trans...