New Zealand plans to host the signing of the Trans-Pacific Partnership trade pact by its 12 member nations on Feb. 4.
The country’s trade minister, Todd McClay, confirmed in a statement Thursday that New Zealand has issued invitations to TPP ministers to sign the agreement in Auckland, marking the end of negotiations.
Signing the deal is seen as a crucial step paving the way for ratification.
“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,” McClay said.
The TPP region accounts for 36 per cent of the global economy, and over 40 per cent of New Zealand’s exports, he said.
“Once TPP is fully phased in, tariffs will be eliminated on 93 per cent of New Zealand’s trade with our new FTA partners: the United States, Japan, Canada, Mexico and Peru.”
The TPP, he said, “will ultimately give New Zealand around $260 million (C$243 million) of tariff savings a year.”
The TPP’s other member nations include Australia, Brunei Darussalam, Chile, Malaysia, Singapore and Vietnam. — AGCanada.com Network