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May 29, 2017 | by  | in News |
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TPP Negotiations Continue

Countries who participated in the proposed Trans-Pacific Partnership (TPP) negotiations have sought a revised agreement following the United States’ decision to withdraw.

A joint statement by the 11 remaining countries, including New Zealand, agreed to a timeframe by which decisions will be made on the future of the agreement.

Trade Minister Todd McClay said that the countries were at different stages in their consideration, “but they are united in the process and want to get to a place where there is something we can agree to collectively.”

In a press release on May 21, McClay confirmed that the TPP agreement, without the US, “represents tariff savings of $222 million each year.”

Japan’s National Graduate Institute of Policy Studies has estimated that the TPP will increase New Zealand’s GDP by 3.4%.

Japan and New Zealand are the only two parties to ratify the TPP, doing so before the US withdrew from negotiations. The extent to which the agreement will be revised to alter the US-centric provisions in order for the other parties to ratify is unclear.

Prime Minister Bill English has not confirmed whether the Government would need to return to Parliament with a revised agreement. The Green Party criticised this, with trade spokesperson Barry Coates saying, “the TPPA without the US is potentially a very different beast.”

“It would be dishonest to pretend that Parliament’s previous deliberations over the TPPA are a rubber stamp of approval for a new TPPA-style deal without the United States.”

Officials from the negotiating countries will next meet in Japan in July 2017.

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