New Zealand welcomes the United Kingdom to the CPTPP
The United Kingdom’s accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is great news for the region and New Zealand, Prime Minister Chris Hipkins says.
“Trade is not only a priority for this government, but is essential to our economic recovery, and improving the lives and livelihoods of all New Zealanders,” Chris Hipkins said.
“Worth $60 billion in two-way trade with partner economies, this agreement is providing significant benefits and opportunities for our exporters. By welcoming the UK into the CPTPP family we will only see those economic opportunities for growth and recovery further increase,” Chris Hipkins said.
With accession of the UK complete the CPTPP now covers more than 500 million people globally and is worth over 15 per cent of the worlds GDP.
“The United Kingdom is a G7 member and the world’s sixth-largest economy. It is also committed to high standard, rules-based trade, making it a perfect fit for CPTPP,” Trade Minister Damien O’Connor said.
“Having the UK inside the tent will strengthen the rules-based trading system in our region, benefiting New Zealand exporters, providing greater certainty, and enhancing regional supply chains for trade.
“It is one of our largest trading blocs with more than half a million New Zealanders employed in firms that export to our CPTPP partners, and continuing to create new jobs.
“The Agreement delivered tariff savings of more than $330 million on New Zealand exports in its first two years alone – with many more millions of benefits flowing since then.
“New Zealand has always supported expanding the bloc and bringing in economies willing and able to meet its high standards. New partners like the United Kingdom increase the value of this Agreement and demonstrates the ongoing importance of CPTPP as a critical piece of global trade architecture,” Damien O’Connor said.
Minister for Trade and Export Growth Damien O’Connor is chairing the CPTPP Commission meeting that is being attended by 11 Trade Ministers and delegations from CPTPP economies.
“The addition of the UK demonstrates our collective commitment to promoting free trade, open and competitive markets, the rules-based trading system and economic integration in our region and beyond,” Damien O’Connor said.
“The United Kingdom has come through the robust accession process and the overall quality of its commitments has set a good precedent for future economies that wish to join.”
The UK’s accession to CPTPP complements the outcomes of the NZ-UK FTA, which is now in force with 99.5 per cent of New Zealand’s current goods exports entering the UK market duty free.
More information is available at www.mfat.govt.nz/cptpp.