The Trans-Pacific Partnership (TPP) is a free trade agreement (FTA) that will liberalise trade and investment between 12 Pacific-rim countries: New Zealand, Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, Peru, Singapore, the United States and Viet Nam.
It was signed by the 12 countries on 4 February 2016 in Auckland, but has not yet entered into force.
TPP will give New Zealand better access to globally significant markets. It will diversify New Zealand's trade and investment relationships, and provide a platform to build on the NZ$28 billion of New Zealand goods and services exported to TPP countries in 2014.
New Zealand's future is as a trading nation. TPP will help support that by setting a new standard for trade and investment in the Asia Pacific region, generating substantial long-term economic and strategic benefits for New Zealand.
TPP will be open to future expansion. It provides a platform for wider, regional economic integration, and supports the foundation for a free trade agreement of the Asia Pacific. This gives New Zealand the opportunity to shape future trade liberalisation in the Asia Pacific region and promote the growth of regional supply chains.
Next steps
New Zealand released a version of the text of the Trans-Pacific Partnership, on behalf of the 12 members of the TPP and in its capacity as Depositary of the Agreement, on 5 November 2015. The final text of the Trans-Pacific Partnership was released on 26 January 2016.
As with all New Zealand FTAs, TPP must go through the Parliamentary treaty examination process. The final text of the agreement, together with a National Interest Analysis, will be presented to Parliament for examination by the Foreign Affairs, Defence and Trade Select Committee.
After that, the legislative changes required in order to implement TPP will go through normal Parliamentary procedures, including select committee scrutiny. The TPP agreement itself cannot be modified unilaterally by New Zealand, but there is some flexibility in the way various measures can be implemented through domestic legislation and regulation.
TPP is expected to come into force within two years, once countries have completed their domestic legislative procedures.
Contact
Physical Location: Ministry of Foreign Affairs and Trade, 195 Lambton Quay, Wellington, New Zealand
Mailing Address: Ministry of Foreign Affairs and Trade, Private Bag 18 901, Wellington, New Zealand
Telephone: +64 4 439 8000
Fax: +64 4 472 9596
Email: tpp@mfat.govt.nz