The Trans Pacific Partnership Signed

Posted on: 05/02/2016

The Trans-Pacific Partnership Agreement ("TPP") is a free trade agreement currently being negotiated by 12 countries: Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico New Zealand, Peru, Singapore, the USA and Vietnam. New Zealand hosted the signing ceremony for the Trans-Pacific Partnership agreement on February 4, 2016. The ceremony in Auckland brings the huge trade pact, which has been five years in the making, another step towards to becoming a reality. But the TPP continues to face opposition.

"Following signature, all 12 countries will be able to begin their respective domestic ratification processes and will have up to two years to complete that before the agreement enters into force," NZ Trade Minister, Todd McClay said. "Signature will mark the end of the TPP negotiating process." 

 

The TPP signatories make up 36 percent of the global economy and import over 40 percent of New Zealand's exports – NZD20bn (USD12.9bn) in goods, and NZD8bn in services. They now have two years to ratify or reject the pact. Once the TPP is fully phased in, tariffs will be eliminated on 93 percent of New Zealand's trade with its new FTA partners: the United States, Japan, Canada, Mexico, and Peru. – TPP What is it an Why does it Matter?

Trans-Pacific Partnership (TPP) press releases:

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