Trade Agreement will strengthen NZ export sector - Fed Farmers
01:34, Mar 10, 2018
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Malaysia will be the biggest beneficiary of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), said Moody's Investors Service, Inc.
Other members include Mexico, Vietnam, New Zealand, Chile, Malaysia, Peru, Singapore and Brunei.
At a press conference held after the signing ceremony, Chilean Foreign Minister Heraldo Munoz affirmed that the parties in the CP TPP hoped the pact will bring economic growth to every nation.
The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is the revised free trade agreement (FTA) without the United States.
Eleven countries of the Pacific region will endorse the new Trans-Pacific Partnership (TPP) this Thursday in Santiago without the participation of the United States, an ambitious project with which they intend to send a signal against protectionism.
"Despite the diverse and hard challenges, the CPTPP is a historic achievement that creates free and fair 21st century rules in the Asia-Pacific region", Japanese Economy Minister Toshimitsu Motegi said at a news conference after the signing of the deal.
Foreign Affairs Minister Julie Bishop is in NY and urgently seeking a meeting with US Secretary of State Rex Tillerson to raise Australia's concerns about the plan to impose a global 25 per cent tariff on steel imports and a 10 per cent tariff on aluminium imports.
In January 2017, Trump withdrew the United States from TPP discussions before it became law, arguing that it was an unfair deal for the country.
"Overall, Malaysia stands to gain from CPTPP by opening up the door for more Malaysian companies to expand their presence beyond the borders of our country as well as strengthening Malaysia's position as a premier investment destination - which will eventually create additional quality jobs for our people".
The signing of the CPTPP is another step along the road to its full implementation - it still has to be ratified by six countries.
The Federation believes CPTPP will safeguard New Zealand's economic interests and further strengthen our export sector.
New Zealand has to pass legislation before it can ratify the agreement, although the previous government did that with the original TPP, which needed redrafting when the United States withdrew a year ago.
The decision has raised fears of a global trade war and possible stall in world economic growth, with USA trading partners such as China and the European Union suggesting that they may take retaliatory measures.
That's why some in the bloc are still keen to get the USA back in on the deal, but a senior Canadian official reportedly said this week that the US wouldn't receive any fast-track access or preferential treatment if it settles on squeezing back in.
All 11 remaining members of the TPP excluding the U.S.is party to this document.
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