Business Forum welcomes new look TPP

Issued by the New Zealand International Business Forum (NZIBF). 

11 November 2017 – The New Zealand International Business Forum (NZIBF) congratulates Prime Minister Jacinda Ardern, Trade Minister David Parker and their officials on concluding an agreement with eleven partners on the core elements of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

“Our new Government has succeeded with CPTPP, not only in preserving essential elements of the original agreement, particularly in terms of improved market access to Japan, Canada and other markets, but has also softened its impact in areas that were previously contentious in New Zealand” said NZIBF Executive Director Stephen Jacobi from DaNang, Viet Nam.

Mr Jacobi said that the crucial market access package of TPP remains unchanged, but other elements including intellectual property (copyright and patents) had been suspended. The Government had also successfully satisfied its concerns related to the purchase of residential property by overseas tax residents and investor state dispute settlement (ISDS).

“This is a major achievement – CPTPP is essentially a new agreement which recognises that aspects of the previous agreement had been problematic for some in civil society, while not diminishing the economic impact and the new opportunities created for New Zealand exporters.”

Mr Jacobi noted that the Treaty of Waitangi had once again been fully protected, along with the right to regulate in the national interest in areas like the environment and public health. He drew attention to clauses in the agreement seeking to upholding environment and labour standards and address fishing subsidies. He hoped that all parties in the New Zealand Parliament could support the new look TPP.

“With CPTPP we have an opportunity not only to restore the bipartisan consensus around trade, but also to move on to thinking more deeply about how this agreement and others in the pipeline can be made to work better for people. The business community certainly hopes this can be a new basis for a better discussion about trade and its impacts in New Zealand and we look forward to working with the Government to complete the remaining work and to bring the agreement into force as soon as possible”.