Fiji Time: 9:04 AM on Friday 23 February

Fiji Times Logo

/ Front page / Archives » Article Index

Revised partnership

Pacnews/Rnzi
Tuesday, January 30, 2018

THE revised Trans-Pacific Partnership (TPP) agreement is to be signed in March, the Trade Minister has confirmed.

Australia's Trade Minister, Steve Ciobo, said the 11 nations, including New Zealand, were "finally at the finish line" following talks between officials in Tokyo.

Canada walked away from the 11-nation deal in November, but has since had several issues resolved.

Mr Ciobo said the pact would eliminate more than 98 per cent of tariffs in the free-trade zone.

A spokesperson for the Minister for Trade, David Parker, has confirmed to RNZ that 8 March was the target for the signing.

Japan Economy Minister Toshimitsu Motegi said trade ministers would attend a signing ceremony in Chile in March.

He said the new agreement would be an "engine to overcome protectionism".

The TPP was going to include the United States before Donald Trump withdrew from the agreement in one of his first acts as President. The rebranded the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP), covers nearly 500 million people and the 11 countries involved make up 14 per cent of global economic activity, or about $US10 trillion ($F20t).

If the trade pact is successfully concluded, lower barriers and standardised rules are expected, making it easier for businesses to sell their goods and services in these markets.

Speaking at the World Economic Forum in Davos, Switzerland, Canada's Prime Minister Justin Trudeau called the agreement the "right deal".

The country's trade minister said it included an improved arrangement on autos with Japan and the suspension of intellectual property provisions that had been a concern.

Trade specialist Stephen Jacobi told Morning Report he thought New Zealand probably helped Canada get through its earlier reservations, which prompted it to walk away from the deal in November.

Mr Jacobi said improved market access was important for New Zealand exporters, especially into Japan, and tariffs should be disappearing early next year.

He said it was a less problematic deal than the initial one.

"It suspends a number of the more problematic areas of TPP, particularly intellectual property provisions and some aspects of the investor state settlement that was very controversial in New Zealand. It's taken the hard edge off TPP ... in those areas."

A critic of the deal, Professor Jane Kelsey, told Morning Report more details needed to be released to "break through the spin and see what has or hasn't been agreed to".

But she said she was worried that Japan had said more information on the deal would not come out until after the signing.

"Which continues this rather obsessive secrecy around the deal," said Professor Kelsey.








Fiji Times Front Page Thumbnail

Kaila Front Page ThumbnailFiji Times & Kaila Frontpage PDF Downloads

Use the free Acrobat Reader to view.

Westpac
Code Inward TTs Outward TTs
CAD 0.63400.6150
JPY 54.415451.4154
GBP 0.35770.3497
EUR 0.40670.3947
NZD 0.68870.6557
AUD 0.64290.6179
USD 0.50130.4843

from

$0.00

Exchange Rate updated on 22nd, February, 2018

Today's Most Read Stories

  1. Wheels for ex-PMs
  2. Police brutality claims
  3. Ministers and public transport
  4. 200 vehicles from China
  5. Farmer admitted to Bar after struggle
  6. NFP: No to coup
  7. Public 'sick and tired'
  8. Family homeless after fire
  9. Family organises service for ambassador Veisamasama
  10. Nasinu family homeless after fire

Top Stories this Week

  1. Wheels for ex-PMs Thursday (22 Feb)
  2. Long wait Monday (19 Feb)
  3. Plans to open caves for public viewing Monday (19 Feb)
  4. None like Gita Friday (16 Feb)
  5. Tears flow for eleven Wednesday (21 Feb)
  6. Police brutality claims Thursday (22 Feb)
  7. Masirewa scores biggest try Monday (19 Feb)
  8. Adi Meretui joins SODELPA camp Monday (19 Feb)
  9. Bitcoin rises above $20,175 Saturday (17 Feb)
  10. Sau's 7s aim Monday (19 Feb)