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TPP negotiations offer big opportunities

Nov 22, 2012

US Consul General Jim Donegan and US Embassy Wellington-based economic officer Dorothy Mayhew were hosted to a Cranleigh lunch to hear views from people involved in the IT, creative and pharmaceutical industries on the Trans Pacific Partnership agreement negotiations.

The next round of the TPP negotiations are being held in Auckland in the next two weeks and Cranleigh gave 14 guests the opportunity to talk about issues affecting New Zealand businesses in relation to the proposed TPP obligations.The TPP will deepen economic ties by opening up trade in goods and services, boosting investment flows, and promoting closer links across a range of economic policy and regulatory issues.

Eleven countries are negotiating the agreement Australia, Brunei Darussalam, Chile, Malaysia, New Zealand, Peru, Singapore, Vietnam, US, Canada and Mexico and these countries hope to craft a high-standard agreement that addresses new and emerging trade issues.

New Zealand plays a dual role in the TPP negotiations. Not only does the lead negotiator - Ministry of Foreign Affairs deputy secretary David Walker and his team - have to prosecute New Zealand's national interest in the talks, but Walker's team is also integrally involved at the multi-national level, fulfilling New Zealand's role as the official "Depository of the TPP".

As a group, TPP countries are the fourth largest goods and services export market of the United States. US goods exports to the broader Asia-Pacific totalled $775 billion in 2010 and equal to 61% of total US goods exports to the world.


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