ExportNZ says the CPTPP ratification by Australia is a momentous day for New Zealand.
Australia’s ratification of the Comprehensive and Progressive Trans-Pacific Partnership has now delivered the quorum required to start the process leading to the CPTPP taking force.
ExportNZ Executive Director Catherine Beard says the CPTPP deal, a tantalising prospect for years, will now become a reality by the end of 2018.
“The work undertaken by New Zealand’s representatives and negotiators has finally succeeded – despite many setbacks and changes in course – and they are owed a debt of gratitude.
“CPTPP brings Japan, Canada and Mexico into a trade deal with New Zealand for the first time. These countries have large markets that will now become progressively open to New Zealand goods and services, improving New Zealand’s trade earnings.
“Other country members of CPTPP will now also offer terms of trade more favourable to New Zealand exports.
“For many years New Zealand has stood up for tariff-free trade in the face of global protectionist forces. Movement towards CPTPP coming into force validates that stand and promises rewards for New Zealand’s outstanding export sector.”