New Zealand red meat sector welcomes CPTPP ratification
New Zealand has become the fourth country to complete its domestic ratification process along with Mexico, Singapore, and Japan. The agreement requires at least six of the eleven member countries to ratify the agreement before it can come into force.
Once the CPTPP came into force, it would be one of the largest free trade agreements in the world, and would present massive opportunities for the New Zealand sheep and beef sector given its export focus, Beef + Lamb New Zealand chief executive Sam McIvor said.
The country's sheep and beef sector has reported exports of approximatively $9.3 billion for the 2017/18 season (including wool and co-products).
“Our sector pays over $230 million in tariffs – with a significant proportion of those tariffs applied on New Zealand beef exports to Japan. Once CPTPP is fully implemented, it is expected to save the sector approximately $63 million in tariffs,” says Mr McIvor.
Mr McIvor added that this agreement would strenghten New Zealand's red meat trade. Without the CPTPP the country looses a significant market share in countries where its competitors have preferential access.