How does Trans Pacific Partnership (TPP) Affect You and NZ
Negotiations for the Trans Pacific Partnership (TPP) Agreement have been successfully concluded. It involves 12 Asia-Pacific countries, which together account for 36 percent of the world’s economy.
This agreement will deliver significant benefits to New Zealand – it will support more jobs, higher incomes, and provide a better standard of living for New Zealanders.
It will give our exporters much better access to a market of more than 800 million customers in 11 countries, and will help New Zealand firms to build and diversify their businesses overseas.
TPP BY THE NUMBERS:
- NZ’s economy is estimated to benefit by at least $2.7 billion a year by 2030.
- It will save $259 million a year in tariffs for New Zealand exporters.
- It will support more jobs and higher incomes, and allow New Zealand exporters to sell more products and services to the world.
- 800 million potential customers for New Zealand goods and services.
- $28 billion of New Zealand goods and services were exported to TPP countries last year – that’s around 40 per cent of New Zealand’s overall exports.
- TPP eliminates tariffs on 93 per cent of New Zealand’s exports to the United States, Japan, Canada, Mexico and Peru.
TPP is New Zealand’s biggest ever free trade agreement (FTA). It means New Zealand will now have FTAs covering our top five trading partners – China, Australia, the United States, Japan and Korea.
TPP will contribute at least $2.7 billion to our economy by 2030 and save our exporters around $259 million a year in tariffs. Trade is incredibly important to New Zealand.
As a country, we won’t get rich selling things to ourselves. Instead, we need to sell more of our products and services to customers around the world, and TPP will help make that happen.
Many concerns raised previously about TPP are not reflected in the final agreement. Now the negotiations have concluded, New Zealanders will see that TPP is, overall, very positive for our country.
New Zealanders will now have the opportunity to review the deal and provide feedback through the Parliamentary Select Committee process, before it takes effect.
Source: Press release issued by the New Zealand Government
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