Trade Minister Tim Groser said the deal gave NZ a free trade agreement with the United States, Japan, Canada, Mexico and Peru, but trade in dairy remained the main sticking point with limited access to some markets.
Grosser said tariffs on 93% of trade with these new partners would be progressively eliminated providing savings to exporters of $259 million a year.
The main points from the agreement:
As a result of TPP:
- Tariffs on beef exports to TPP countries would be eliminated, with the exception of Japan where tariffs would reduce from 38.5% to 9%.
- NZ dairy exporters would have preferential access to new quotas into the US, Japan, Canada and Mexico, in addition to tariff elimination on a number of products.
- Tariffs on all other NZ exports to TPP countries – including fruit and vegetables, sheep meat, forestry products, seafood, wine and industrial products – would be eliminated.
