'There's a need for some revision' - plenty of work required before new TPP comes into force, PM says




There's still a lot of work to do before the new Trans-Pacific Partnership free trade agreement comes into force, Prime Minister Jacinda Ardern says.

Jacinda Ardern says a national impact assessment will be carried out, before the terms of the deal are ratified.
Source: 1 NEWS
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Trade Minister David Parker signed the 11- nation agreement, now called the Comprehensive Progressive Trans-Pacific Partnership, in Chile today.

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 US withdrew last year.

"We already have legislation in place but because more than 20 provisions have been suspended since that legislation went through there's a need for some revision," Ms Ardern told reporters in the Cook Islands.

Other countries have to do the same, and at least half of the TPP members must ratify the agreement before it comes into force.

Ms Ardern said her government had wanted to do more to limit the effect of investor-state dispute settlement provisions.

It has signed side letters with five of the countries excluding ISDS clauses.

"We didn't get as far as we would have liked but we made a huge, huge difference to the way they will apply," she said.

Ms Ardern expects the TPP to grow.

"It is now a structure that a number of other countries are seeking to join."

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