[21 February/The Country]

New Zealand’s Ministry for Foreign Affairs and Trade (‘MFAT’) said the economy will grow by up to $4 billion following the release of the revised Trans-Pacific Partnership trade agreement. The dairy industry is expected to save up to $86 million in tariffs and New Zealand’s exporters would save about $200 million to Japan alone. MFAT said the reasons are both economic and strategic. Executive Director of Export New Zealand, Catherine Beard, added that the CPTPP agreement would ensure our businesses remained competitive and had access to markets on a level playing field. The original deal had been heavily criticised, and MFAT pointed out the differences in this new deal. According to New Zealand Trade Minister David Parker, 22 items had been suspended from the original deal. Beef + Lamb New Zealand Chief Executive, Sam McIvor, noted that that the agreement would save the red meat industry around $65 million each year in tariffs.