Trans-Pacific Partnership signed in AucklandTrade
Trade Minister Todd McClay today signed the Trans-Pacific Partnership on behalf of New Zealand, at a ceremony in Auckland.
“Today 12 Asia-Pacific countries have come together to set a new standard for trade and investment in the region.
“TPP was signed by Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States and Viet Nam.
“In addition to hosting signature, New Zealand will be the Depositary for TPP. This means we take responsibility for some administrative functions,” says Mr McClay.
Following signature, the 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.”
TPP is expected to come into force within two years of signature, once countries have completed their domestic legislative procedures.
“The Government will be running nation-wide roadshows for the public and business, to ensure New Zealand is ready to take advantage of new opportunities from the first day TPP enters into force”, Mr McClay says.