'It hasn't been easy' - revived CPTPP trade deal set for signing in March




The Trans-Pacific Partnership trade pact, which had been on life support since the US' withdrawal, has finally been resuscitated.

The trade agreement could see the elimination of some trade tariffs
Source: Breakfast

The 11 remaining countries, including New Zealand, are expected to sign a tweaked agreement on March 8 in Chile, Australian Trade Minister Steve Ciobo has confirmed.

The agreement was finalised at a meeting of trade officials in Tokyo yesterday.

Canada threw a spanner in the works at the APEC summit in Vietnam last year derailing efforts to finalise the deal.

Ottawa has since been coaxed back to the fold following lobbying efforts from Tokyo and Canberra.

PM Jacinda Ardern says the new TPP deal cut at this week's APEC summit has new safeguards to protect NZ trade.
Source: 1 NEWS

Mr Ciobo said the deal would eliminate 98 per cent of tariffs in a marketplace worth close to $A14 trillion ($NZ15t).

"It hasn't been easy, but we're finally at the finish line and Aussie businesses will be the big winners," he told NZ Newswire.

The New Zealand government hasn't yet commented on the agreement - which the previous National regime had pushed for.

* The TPP 11 is made up of: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.
* US President Donald Trump pulled America out of the deal a year ago after describing it as "a continuing rape of our country".
* It was a key policy of the Obama administration's so-called foreign policy pivot to Asia.
* Some opponents of the TPP fear it opens doors for companies to sue governments for changing policies if it harms their investments. The deal has a controversial investor state dispute settlement clause.
* China is not part of the TPP and is trying to get up a rival deal with seven TPP countries, including Australia, and eight others. The Regional Comprehensive Economic Partnershp is much narrower and less ambitious.

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