Chambers of Commerce Welcome TPP Developments

NZCCI
Media Release
14 November 2011

Chambers of Commerce Welcome TPP Developments

The New Zealand Chambers of Commerce has welcomed developments at the APEC meeting in Honolulu as being extremely positive for both New Zealand and the global economy.

“The commitments coming out of Honolulu from the world leaders present are quite significant,” said New Zealand Chamber of Commerce Director Michael Barnett.

“President Obama’s call to have the Trans Pacific Partnership talks concluded by the end of next year is particularly pleasing in that it shows the US is serious about trade liberalisation.

“Japan’s decision to participate in the TPP negotiation is also most welcome. It demonstrates a commitment from the world’s third largest economy to liberalise its highly protected agriculture sector which would be good for New Zealand as well as Japan.

“The Trans Pacific Partnership is particularly important for New Zealand not only because it would improve access to the US and Japanese markets, it is a potential model for a free trade agreement across the entire Asia Pacific region.

“The benefits of this for New Zealand would be substantial. More than 70% of New Zealand’s exports are to countries in the fast growing Asia Pacific Region.

“There is a lot of work to do from here to reach a final agreement but it could be the most exciting opportunity for New Zealand in some time. New Zealand is right to insist that the final agreement be comprehensive and high-quality. It is important this benchmark not be compromised for the agreement to be meaningful.

“More than this though, the commitment from world leaders at this time suggests there is at last a recognition that free trade is necessary to lift the global economy out of its malaise.

“New Zealand business is grateful for the efforts of the New Zealand team, particularly Trade Minister Groser in getting to where we are today,” Mr Barnett concluded.

ENDS

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