Trade Minister David Parker announced today the CPTPP has been made official by the required six nations, triggering a 60-day countdown to the first round of tariff cuts.
Canada, Australia, Mexico, Japan, Singapore and New Zealand ratified the deal, with Brunei, Chile, Malaysia, Peru and Vietnam also part of the 11 country trade agreement.
Mr Parker said the CPTPP should see the export market with Canada grow: "There will be immediate duty-free access for wine, processed meats, wool, forestry and fisheries products, while beef tariffs and quotas will be eliminated over six years.”
He said over 80 per cent of New Zealand investment in the CPTPP was not covered by compulsory Investor-State Dispute Settlement (ISDS) clauses.
But tvnz.co.nz has been reporting how ISDS clauses have caused concern, as they could allow foreign corporates to sue our government in a foreign court if they felt they had been disadvantaged by New Zealand law or changes to those laws.
The Green Party last week reaffirmed their opposition to the partnership, saying the "presence of ISDS has a chilling effect on our national sovereignty".
