Govt to release CPTPP national interest analysis on Wednesday
By Paul McBeth
Feb. 19 (BusinessDesk) - The government will release the national interest analysis for the Comprehensive and
Progressive Trans-Pacific Partnership on Wednesday, and the full text too if the other nations agree, says Prime
Minister Jacinda Ardern.
The Labour-led administration signed up to the regional trade and investment pact after the renegotiated deal let it
restrict foreign buyers of existing residential property and watered down some of the more onerous Investor State
Dispute Settlement provisions imposed before the US withdrew under President Donald Trump. Ardern today said the
Ministry of Foreign Affairs and Trade's analysis unpicking the pros and cons of the deal for the country will be
released on Wednesday, and she's hopeful of publishing the full text the same day if certain translation issues are
overcome.
"We have been urging all parties to reach agreement because of our strong desire to be absolutely transparent around the
text as soon as possible," Ardern said at her weekly post-Cabinet press conference. "It is our hope it will be available
at the same time as the national impact assessment, but either way, we're looking to release the national impact
assessment this week."
MFAT's analysis of the 13-nation Trans-Pacific Partnership, which included the US, estimated an economic benefit of $624
million would accrue from reduced tariffs and barriers and a further $1.46 billion benefit from the removal of
non-tariff barriers, with an additional $374 million derived from better trade measures and $250 million from the
removal of barriers to services. That would be offset by a $55 million cost from a copyright extension, $20 million of
foregone tariff revenue and about $4.2 million in administrative and marketing costs. The analysis ultimately found the
deal was in New Zealand's interests.
The government has been on a charm offensive, holding meetings around the country to explain its position on the CPTPP,
which sparked ire in its previous incarnation over the lack of transparency and fears it would undermine national
sovereignty.
The deal is expected to be signed in Chile on March 8, but Ardern said it won't come into force until it's ratified by
50 percent of the partners. Parliament will debate the agreement and that it will also go through select committee
scrutiny for a full public examination, she said.
(BusinessDesk)