New Trans-Pacific Partnership deal signed by New Zealand in Chile

by RNZ / 09 March, 2018
RelatedArticlesModule - trade

New Zealand's Trade and Export Growth Minister David Parker (R), Chile's Foreign Minister Heraldo Munoz (C), and Canada's Trade Minister Francois-Philippe Champagne pose before signing the CPTPP in Santiago. Photo /  AFP

The revised deal has been signed, but it's not official until it's ratified by at least half of the 11 signatory nations.

Amid rising fears the US will spark a new global trade war, a revised Trans-Pacific Partnership trade deal has been signed this morning in Chile.

The deal, which survived the United States' withdrawal last year, will eliminate over 95 percent of all tariffs in a grouping worth $US10 trillion.

It was being signed by Trade Minister David Parker in Chile shortly after 8am (NZT) today.

Its supporters argue it will boost incomes and jobs, while critics have said New Zealanders will lose the right to make decisions in their interests.

Speaking on RNZ's Morning Report earlier this week, Mr Parker said the new Pacific-wide agreement was a beacon for open markets at a time when countries were increasingly looking inwards.

"It's a worrisome trend and it's one of the reasons why the [agreement] has become more important over the last year, because there are these protectionist measures starting to pop up in quite a widespread way around the world."

The gains are relatively modest on paper, adding between $NZ1.2 billion and $4bn dollars, or up to one percent, to New Zealand's economy over time.

Trade supporters have said that in reality, free trade deals usually delivered much higher returns.

Murray Taggart, the chairman of red meat processor and exporter Alliance Group, said New Zealand could not afford to be on the outside looking in.

"We've had significant tariff disadvantage relative to Australia going into Japan, so you've seen New Zealand beef imports have been impacted significantly and Australia has really grabbed the market."

Photo / Shannon Haunui-Thompson

The Labour Party, which rejected the previous TPP deal, has trumpeted the revised agreement as an improvement.

Opponents disagree, arguing it is essentially the same deal the previous National government signed at SkyCity in Auckland in 2016.

Then, thousands marched around the country in opposition.

Two years on, times have changed - a small, but dedicated, crowd of some 80 people turned up to parliament yesterday to urge politicians to reject the TPP and other secret trade deals.

It's Our Future spokesperson Oliver Hailes, accused Labour of bamboozling people, saying the fight was not over.

There is still a way to go - the new TPP does not come into force until it is ratified by at least half of the 11 nations.

In New Zealand, the agreement will go through a select committee process, where the public will get to have their say.

This article was originally published by RNZ.

Latest

Medical specialist and writer Eileen Merriman's prescription for success
104920 2019-04-25 00:00:00Z Profiles

Medical specialist and writer Eileen Merriman's pr…

by Clare de Lore

Eileen Merriman doesn’t have to dig too deep to find the angst, humour and drama for her award-winning novels.

Read more
We still remember them: The best in new Anzac Day reading
105020 2019-04-25 00:00:00Z Books

We still remember them: The best in new Anzac Day…

by Russell Baillie

The tide of great New Zealand books on the world wars shows no sign of going out. Russell Baillie reviews four new Anzac books.

Read more
Fine lines: New Anzac books and graphic novels for kids
105028 2019-04-25 00:00:00Z Books

Fine lines: New Anzac books and graphic novels for…

by Ann Packer

A telegraph “boy”, heroic animals and even shell-shock make for engaging reads for children.

Read more
Keeping up appearances: The challenging job of restoring NZ's lighthouses
104978 2019-04-25 00:00:00Z Life in NZ

Keeping up appearances: The challenging job of res…

by Fiona Terry

Ensuring lighthouses stay “shipshape” isn’t a job for the faint-hearted.

Read more
The former major reuniting service medals with their rightful owners
105015 2019-04-25 00:00:00Z Life in NZ

The former major reuniting service medals with the…

by Fiona Terry

Service medals are being reunited with their rightful owners thanks to former major Ian Martyn and his determined research.

Read more
PM announces 'Christchurch Call' to end use of social media for terrorism
104952 2019-04-24 00:00:00Z Politics

PM announces 'Christchurch Call' to end use of soc…

by Noted

A meeting aims to see world leaders and CEOs of tech companies agree to a pledge called the ‘Christchurch Call’.

Read more
Red Joan: Judi Dench almost saves Soviet spy story from tedium
104942 2019-04-24 00:00:00Z Movies

Red Joan: Judi Dench almost saves Soviet spy story…

by James Robins

The fictionalised account of a British woman who spied for the Soviet Union is stiflingly quaint.

Read more
What to watch on TV this Anzac Day
104749 2019-04-24 00:00:00Z Television

What to watch on TV this Anzac Day

by Fiona Rae

Māori TV once again devotes the day to Anzac programming, including a live broadcast from Gallipoli.

Read more