The business community strongly supports the Trans Pacific Partnership (TPP) and welcomes the signing of TPP in Auckland, says New Zealand International Business Forum Chair Malcolm Bailey.

“Earlier this week 28 business organisations including NZIBF signed an open letter of support for TPP to Prime Minister Key. These organisations represent the majority of New Zealand businesses. The letter reflects their belief that New Zealand business and the country as a whole have a lot to gain from TPP”.

Mr Bailey says that TPP represents 36% of global GDP, 40% of exports and 800 million consumers. TPP covers all major export sectors for New Zealand.

“TPP will deliver positive market access outcomes for meat, horticulture, kiwifruit, wine, dairy, forest products, seafood and manufactured goods including medical technologies and agricultural equipment. Business as a whole will benefit from improved rules for trade and investment, in services as well as goods. The cost of doing business will be reduced significantly”.

Mr Bailey says TPP comes without the need for significant change to be made in domestic policies.

“The most significant change – the extension of copyright term – while imposing costs across the economy also has benefits for the creative sector. New Zealand’s sovereignty is upheld by TPP because a number of safeguards, checks and balances in the agreement mean that the Government can continue to regulate in the national interest. The Treaty of Waitangi is protected. New Zealand has little to fear from investment disputes and everything to gain from more protection for our outward investments.”

“We congratulate Prime Minister Key, Trade Minister McClay and their counterparts on the signing of TPP in Auckland”, concluded Mr Bailey.

Note: A copy of the open letter in support of TPP can be found here