A bill passed through New Zealand's parliament last week that will allow the country to ratify a four-way trade agreement with Chile, Brunei, and Singapore.
In a statement released last week, New Zealand's Trade Minister Trade Minister Phil Goff explained that the Tariff (Trans-Pacific Strategic Economic Partnership) Amendment Act will liberalise trade in goods and services, improve the business environment and promote cooperation in a range of economic areas between all four countries.
The agreement establishes a free trade area that spans the Pacific and joins Latin America, South East Asia and New Zealand.
“Tariff reductions under the agreement will make New Zealand’s exports more competitive in Chile and Brunei Darussalam," explained Mr Goff.
He went on to add that:
"Tariffs will be phased out in three steps through to 2015, with special steps for sensitive New Zealand products such as apparel, footwear and carpet.
"The agreement also includes broad coverage of services, which will make it easier for our service providers to operate and compete in Chile, Singapore, and Brunei, while retaining New Zealand's ability to protect sensitive sectors such as social services, water and marine resources.
"The agreement meets the government’s aim of negotiating deals that provide opportunities for exporters and guard against erosion of benefits for New Zealand exporters from preferences afforded to third parties.
"It also serves the government's objective of broadening relations with Latin America and Asia, as well as promoting our trade liberalisation policy."
Once the agreement comes into force, tariffs will be immediately eliminated on 89% of New Zealand's current exports to Chile, and 92% of its current exports to Brunei.
Exports between New Zealand and Singapore are already duty-free under the existing New Zealand-Singapore Closer Economic Partnership.
"Our ultimate goal is the conclusion of comprehensive global trade agreements through the WTO," continued Mr Goff.
"The successful completion of a high-quality FTA such as the Trans-Pacific Strategic Economic Partnership Agreement provides impetus towards that goal, by demonstrating a commitment to the principles of free trade that stretches across the Pacific," he concluded.
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