NZIBF 2021 Chair Report

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CPTPP – A Chance For UK To Show Its Trade Credentials

by | Feb 1, 2021 | Media Releases | 0 comments

Media release, 31 January 2021

Seeking to join the Comprehensive and Progressive Agreement on Trans Pacific Partnership (CPTPP) is a chance for the United Kingdom to demonstrate the extent of its commitment to open markets and effective trade rules”, says Stephen Jacobi, Executive Director of the NZ International Business Forum (NZIBF).

“We welcome confirmation of the UK’s intention to join CPTPP which is one of the world’s most advanced and high quality free trade agreements.  CPTPP clearly provides for the accession of new members who can demonstrate they can meet its high standards.  UK membership would give rise to a significant expansion of the agreement and increase its attractiveness to other economies, thereby spreading the aspiration for a more open, connected and rules-bound global economy”, said Stephen Jacobi.

New Zealand and the UK are negotiating a bilateral FTA which is now into its third round of negotiation.

“Good progress appears to have been made in the NZ/UK negotiation and both are seeking an ambitious, high quality and comprehensive outcome. The negotiation has yet to solve the question of agricultural market access which is a key issue for New Zealand.  There’s no doubt that this will influence New Zealand’s view of the UK’s membership of CPTPP”.

“CPTPP and its antecedents have been a long-term strategy in which New Zealand has played a leading role. It is good to see the benefits of CPTPP now being played out for all to see”, concluded Mr Jacobi.

About CPTPP

CPTPP involves New Zealand, Australia, Canada, Japan, Mexico, Singapore, and Viet Nam. Four other economies (Brunei, Chile, Malaysia and Peru) have signed the agreement but have yet to ratify. CPTPP covers around 30 percent of NZ exports.

About NZ UK trade

The UK is New Zealand’s sixth-largest trading partner. Two-way trade was worth nearly NZ$6 billion. New and the UK launched FTA negotiations in 2020.  NZIBF’s report on opportunities under a future NZ/UK FTA can be found here

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