New Zealand this week ratified the Comprehensive and Progressive Agreement for Trans-Pacific Partnership trade pact, despite the opposition of the Green Party. It is the fourth country to ratify the pact which has been under negotiation for the best part of a decade.
But exporters shouldn’t break out the champagne – not yet. It needs six countries to ratify the pact and then it enters into force 60 days later. NZ expects Australia and Canada to ratify it soon—though Australia now has a minority government, with other parties in that country opposing ratification.
Trade Minister David Parker, celebrating his achievement this week, reckons the importance of CPTPP has grown over recent months with the rapid escalation of protectionist measures around the world. Continue reading “Exporters expect goodies to be generated by the CPTPP – but the Greens are grouching”