CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. New Zealand Welcomes Trans Pacific Partnership Deal

New Zealand Welcomes Trans Pacific Partnership Deal

by Mary Swire, Tax-News.com, Hong Kong

08 February 2016


New Zealand's Trade Minister, Todd McClay, signed the Trans-Pacific Partnership (TPP) on behalf of New Zealand on February 4, 2016.

In addition to New Zealand, the agreement was signed by Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States and Vietnam.

"In addition to hosting signature, New Zealand will be the Depositary for TPP. This means we take responsibility for some administrative functions," McClay said.

Following signature, the New Zealand Government will submit the final text of TPP and the National Interest Analysis to Parliament. The legislative changes to implement TPP will then go through normal policy and parliamentary procedures.

"Signature marks the end of the negotiating process. The text of TPP is agreed, but not yet legally binding," McClay noted.

TPP is expected to come into force within two years of signature, once countries have completed their domestic legislative procedures.

Welcoming the signing, Prime Minister John Key said: "TPP is our biggest-ever free trade deal and is estimated to boost our economy by at least NZD2.7bn (USD1.8bn) a year by 2030. That will help to diversify our economy and mean more jobs and higher incomes for New Zealanders."

"It is New Zealand's first FTA relationship with five of the TPP countries, including the largest and third-largest economies in the world – the United States and Japan," he said.

TAGS: tax | free trade agreement (FTA) | Brunei | Chile | export duty | trade treaty | Australia | Mexico | Singapore | Canada | Malaysia | New Zealand | Peru | United States | import duty | trade | Japan | Vietnam

To see today's news, click here.

Leave a comment

Read our Posting Guidelines

 






Close

Password Reminder

Please enter your email address to receive a password reminder.

 






Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Tax-News+ Updates

Receive FREE daily updates from Tax-News.com, straight to your inbox. Register Now!

For a tailored solution, choose to receive selected news updates for your preferred jurisdictions and topics, with our enhanced Tax-News+ subscriber service. Read more...

 

Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »