Thursday, July 18, 2024

NZ to host Ministers from CPTPP economies

New Zealand is set to host the 7th Commission Meeting of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in Auckland next weekend (15-16 July).

CPTPP spans 11 economies – Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Viet Nam – which represent $17.3 trillion of global trade.

“Trade is a key priority for this Government, it drives success for our economy, our businesses, and our communities,” said Trade and Export Growth Minister, Damien O’Connor.

“This will be the largest international meeting that the Government has hosted since the pandemic and I look forward to welcoming my Ministerial colleagues to New Zealand as the Chair for 2023.”

The Ministry of Foreign Affairs & Trade (MFAT) developed a work programme based on four high-level objectives to guide New Zealand’s CPTPP hosting year: 

  1. Advancing ratifications and accessions: Supporting the expansion of CPTPP by economies that are willing to demonstrate they can meet and adhere to its high standards is a key objective for Aotearoa New Zealand. Efficient, fair accession rules and processes will help make CPTPP more attractive for potential aspirants.
  2. Effective and improved implementation of CPTPP: The successful implementation of CPTPP is critical to realising its trade facilitation benefits ­­­–helping make trade (imports and exports) faster, cheaper, and more predictable, while ensuring its safety and security. Our hosting year presents the opportunity to focus on two priority areas: supporting the CPTPP Three Year Review and enhancing digital trade facilitation including in Customs processes. This will help to ensure that the Agreement remains relevant and brings tangible benefits to CPTPP members.
  3. Promoting inclusive and sustainable trade: Aotearoa New Zealand as host has the opportunity to showcase our Trade for All agenda, which will include a focus on indigenous trade and promote inclusive and sustainable trade.
  4. Delivering a high-quality and authentic host year: Aotearoa New Zealand’s hosting will create opportunities to showcase our country and show manaakitanga to our guests.

New Zealand will also welcome United Kingdom Trade Secretary Kemi Badenoch to take part in a signing ceremony to mark the United Kingdom’s formal accession to CPTPP.

“Having a G7 economy like the United Kingdom inside CPTPP brings the Atlantic to the Indo-Pacific and boosts support for the rules-based trading system within the region,” Minister O’Connor said.

“The United Kingdom’s membership of CPTPP sits alongside our bilateral Free Trade Agreement to ensure that Kiwi exporters have unprecedented access to the sixth largest economy in the world.

“We know that when businesses start exporting, employment can grow up to 12 per cent faster. That’s why this Government is focused on opening doors to new markets for our businesses, resulting in more jobs and higher incomes for Kiwis,” he said.

More information about New Zealand’s Chair and Host year and the CPTPP Agreement can be found here.

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