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TPP Bill Introduced To New Zealand's Parliament

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

11 May 2016


New Zealand's Minister of Trade, Todd McClay, on May 9, 2016, welcomed the introduction of the Trans-Pacific Partnership Agreement Amendment Bill to Parliament.

"TPP is important for New Zealand because it will remove barriers to trade for exporters of New Zealand goods and services in the Asia-Pacific region," McClay said. "Although most of the obligations in TPP can be met by New Zealand's existing domestic legal and policy regime, some changes are required."

"This bill will make all domestic legislative changes required to comply with New Zealand's obligations in TPP, with the exception for obligations related to plant variety rights, which New Zealand has a three-year period following entry into force to implement. I now look forward to the Bill passing through Parliament's legislative process," the Trade Minister said.

"The introduction of this bill is just the latest step in New Zealand's domestic processes. The Foreign Affairs Defence and Trade Committee has already examined the TPP text and the TPP National Interest Analysis and tabled its report in Parliament," McClay said.

The legislative amendments introduced by the bill will not come into effect until the TPP enters into force for New Zealand.

"It is worth remembering that TPP is our biggest FTA to date, and places us centrally in a region encompassing nearly 40 percent of global GDP," McClay said. "An FTA with the first and third largest economies in the world, to ensure a level playing field for our exporters, has been a priority for successive New Zealand governments. TPP delivers this."

The TPP could come into force by late 2017 or early 2018, once the countries have completed their respective domestic processes necessary to ratify the agreement.

TAGS: tax | free trade agreement (FTA) | export duty | tariffs | New Zealand | import duty | trade | services | Asia-Pacific

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