CPTPP meeting agrees on guidelines to expand trade agreement

The CPTPP has agreed to expand the trade agreement, which minister for Trade and Export Growth David Parker welcomes.

The first Commission meeting of the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) was held in Tokyo today and the expansion was one of the decisions made by the 11 signatories.

Mr Parker said New Zealand has always supported the concept of CPTPP as an open accession agreement.

“It was very pleasing to see CPTPP come to fruition with its entry-into-force at the end of December. I welcome the idea that those willing to meet CPTPP’s high standards and objectives are now able to join the Agreement over time,” David Parker said.

The Commission also confirmed the future chairing arrangements for the group.

“As Depositary for the Agreement, New Zealand will host the next set of CPTPP meetings later this year. This will be an opportunity to build on our collective commitment to ensure full and effective implementation of the Agreement and to promote its expansion over time.

“The date has not yet been set, but we expect it will be in the second half of this year to allow time for all signatories to complete their domestic ratification processes,” David Parker said.

From 2020 the chair of the CPTPP will rotate based on the order in which members ratified, starting with Mexico followed by Japan and then Singapore. New Zealand will host again in 2023.

The Comprehensive and Progressive Trans Pacific Partnership trade deal, or CPTPP, has just come into effect.
Source: 1 NEWS

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