Minister for Trade and Export Growth David Parker has signed the Comprehensive and Progressive Agreement for Trans Pacific Partnership (CPTPP) in Santiago, Chile.
The agreement brings together 11 countries whose combined economies make up 13.5 per cent of world GDP – worth a combined US$10 trillion.
“This is a fair deal for New Zealand,” says Mr Parker.
“It gives our exporters new opportunities in key markets like Japan, it preserves the unique status of the Treaty of Waitangi, and it protects the Government’s right to regulate in the public interest.”
Alongside the agreement, New Zealand has also joined Canada and Chile in issuing a Joint Declaration on fostering progressive and inclusive trade.
“It’s great to see growing international acknowledgement and understanding that we need trade that works for everyone,” Mr Parker says.
“Our countries are committed to making sure the benefits of trade and investment are broadly shared and we will be working together to achieve this.”
The declaration affirms the right of each country to regulate to achieve legitimate public policy objectives, in such areas as health, safety and the environment.
It also includes commitments to work together through trade policies on sustainable development, climate action, gender equality, indigenous rights and minimum work standards.
“We recognise that trade can be a force for good around the world, for example by raising environmental and labour standards, or enforcing commitments to reform fisheries subsidies.
“We expect CPTPP to make a meaningful contribution to progressive and inclusive trade in the future. And together with Canada and Chile we intend to ensure the promise of CPTPP is delivered on for workers, families, farmers, businesses and consumers.”
The signing of the CPTPP is another important step for the agreement, which will enter into force after it has been ratified by six countries.
The 11 countries involved in the CPTPP are New Zealand, Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, Peru, Singapore, and Viet Nam.
More information on the CPTPP, including the full legal text and a National Interest Analysis, is available at www.mfat.govt.nz/cptpp