EYES OPENED DURING INDIA VISIT

Remove

Executive Director Stephen Jacobi read out on the recent Delhi business mission, published earlier by Newsroom.

read more

Submission to the Foreign Affairs, Defence and Trade Committee of the New Zealand Parliament

by | Aug 15, 2018 | Submissions

Remove

SUBMISSION TO THE FOREIGN AFFAIRS, DEFENCE AND TRADE COMMITTEE OF THE NEW ZEALAND PARLIAMENT

TRANS-PACIFIC PARTNERSHIP AGREEMENT (CPTPP) AMENDMENT BILL

AUGUST 2018

1.  This submission is made on behalf of the NZ International Business Forum (NZIBF) whose members are listed at Annex A1. NZIBF is a forum of senior business leaders working together to promote New Zealand’s engagement in the global economy. NZIBF earlier submitted to the Foreign Affairs, Defence and Trade Committee commending the conclusion of the Comprehensive and Progressive Agreement on Trans Pacific Partnership (CPTPP) as part of the International Treaty Examination of the agreement in April of this year.

2.  As we stated in our earlier submission, NZIBF warmly welcomes and supports the CPTPP. The CPTPP offers consistent, certain and more advantageous access to four new markets with which New Zealand has not to date been able to negotiate bilateral FTAs: this includes Japan, one of our key trading partners and the one in Asia apart from North Korea where we do not have existing FTA arrangements, as well as Canada, Mexico and Peru. In addition, CPTPP will enhance our trade and investment relationship with six existing FTA partners. While CPTPP, like the earlier TPP, is imperfect in the scope of liberalisation achieved in some areas, including for the dairy sector and for a very small number of other products and some services sectors, the agreement is an improvement over the status quo. Despite the unfortunate withdrawal of the United States, CPTPP provides a new framework for trade in goods and services and investment flows in the powerhouse Asia-Pacific region, and positions New Zealand well to participate effectively in global value chains. The new framework embraces groundbreaking “next generation” business issues such as the digital economy along with protection of the environment and labour standards. Overall, while the exact magnitude of gains is difficult to calculate, without question the CPTPP will contribute to enhancing New Zealand’s economic growth, job creation and living standards. CPTPP sends a powerful signal about the importance of continuing trade liberalisation at a time of stress for the international trading system. The counterfactual scenario, of standing aside from CPTPP, risks significant adverse consequences for New Zealand in the region.

3.  NZIBF commends the present enabling legislation, which is required to amend the earlier legislation in respect of TPP and implement New Zealand’s participation in CPTPP. NZIBF notes that the legislation in respect of CPTPP differs from the earlier legislation in that a number of items have been suspended from the agreement including in relation to copyright term extension and pharmaceutical products. Adjustment is required in some specific areas to implement CPTPP commitments, primarily in relation to tariff adjustments, use of the term “ice wine”, raising the investment threshold under the Overseas Investment Act for CPTPP members and others in terms of New Zealand’s most favoured nation (MFN) obligations, technical areas of copyright and patent legislation, transparency obligations. NZIBF supports these amendments. Beyond this very little change is otherwise required in relation to current practices in New Zealand. NZIBF believes that the adjustment arising from implementation of this legislation in New Zealand will be minimal.

4.  NZIBF hopes therefore that all political parties in the New Zealand Parliament will be able to support this implementing legislation given the significant benefits it will provide to New Zealand business, to consumers and to the economy overall. NZIBF urges the early passage of this legislation so that New Zealand may be amongst the six parties required for CPTPP to enter into force.

5.  While this submission is made on behalf of the NZIBF membership, a number of NZIBF members made their own submissions on the International Treaty Examination of CPTPP in April 2018, containing more detailed comments on specific issues relevant to their individual business interests.

Recommendations to the Foreign Affairs, Defence and Trade Committee

 6.  NZIBF recommends that the Committee:
  a) support the passage of the present legislation giving effect to the CPTPP agreement.

REGISTER WITH TRADE WORKS

Register to stay up to date with latest news, as well as saving and discussing articles you’re interested in.

 

Remove

 

Latest News

EYES OPENED DURING INDIA VISIT

Published by Newsroom on 6 September 2023 Stephen Jacobi reports on the recent business delegation to India. Every country has its contrasts and a subcontinent of 1.4 billion with thousands of years of history has more than most.  Today’s India can reach the...

Large business delegation bound for India

MEDIA RELEASE - Tuesday 22 August, 2023 Fifty business representatives will leave later this week bound for Delhi, making it one of the largest delegations ever to head for India. The delegation, comprising members and senior leaders of five business organisations,...

India and New Zealand: The next innings

As published in the NZ Herald, 18 August 2023 By Stephen Jacobi As a trade mission prepares to depart for Delhi, Stephen Jacobi of the New Zealand International Business Forum considers the prospects for growing two-way trade and investment between India and New...

CRUNCH TIME FOR CPTPP

As published in the NZ Herald, 18 August 2023. By Stephen Jacobi, Executive Director, NZ International Business Forum. Following the Ministers’ meeting in Auckland, what is the outlook for CPTPP as the world’s most ambitious free trade agreement? When Ministers...

CER CELEBRATES A RUBY ANNIVERSARY

The Australia-New Zealand Leadership, the semi-annual gathering of Ministers and business leaders, has been described as a “successful symbol of trans-Tasman togetherness[1]”.  And the togetherness vibe was certainly present when the Forum gathered in Wellington...

CRUNCH TIME FOR CPTPP

This post was published by Hinrich Foundation on 18 July 2023. Following the Ministers’ meeting in Auckland, what is the outlook for CPTPP as the world’s most ambitious free trade agreement ? By Stephen Jacobi When APEC Trade Ministers gathered for their annual...