Trade deal text to be revealed
Prime Minister Jacinda Ardern says the full text of the new-look trans-Pacific partnership will be released this afternoon.
Speaking on her way into caucus, Ardern said she expected the full text along with a National Interest Analysis to be released today.
The trans-Pacific partnership is now named the ‘‘Comprehensive and Progressive Agreement for Trans-Pacific Partnership’’ – or CPTPP – a name Ardern admitted was ‘‘terrible’’.
‘‘We’ve been very eager to be as transparent as possible with the final outcome of the agreement,’’ Ardern said.
‘‘I’m hoping that with us being able to release the text we’ll be able to demystify some of the concerns that have existed and again highlight that we pushed hard and made good gains – massive gains – on what we had.’’
‘‘Over 20 parts of the old TPP have been suspended or changed since the last iteration of the agreement. That’s significant. And, of course, we made massive changes around the clauses that were controversial – ISDS. I’m pleased now we’ll be in a position to release those so people can see what we’ve been able to do.’’
The 20 suspensions are a raft of clauses that were put on hold after the United States pulled out of the agreement.
‘‘Consensus’’ is required by TPP nations to reintroduce them, but TPP critics say countries will be happy to bring them back in if it brought the economic might of the US into the deal.
‘‘US re-entry has always been the end game for the revival of the TPPA as the TPPA-11. That’s why they are suspending rather than removing some of the most toxic provisions that the US demanded in the original negotiations,’’ critic and academic Jane Kelsey said.
‘‘[US President Donald] Trump has made it clear that the US is not going to be satisfied with the old deal and merely reactivating the suspended items.’’
The biggest wins for New Zealand surround the controversial ‘‘investor state dispute’’ (ISDS) clause that would allow foreign governments to sue our government in an international tribunal. The ISDS has been narrowed so it will no longer apply to government investment screening or government contracting. There have also been changes to the way it applies to financial services.
The Government is planning on signing the CPTPP in Chile on March 8.
The Greens remain opposed to CPTPP, but, because NZ First and National also support it, any enabling legislation should easily pass through Parliament.
Alongside the text will be analysis from the Ministry of Foreign Affairs and Trade, which looks at how the pact will affect the New Zealand economy.
The original analysis estimated the TPP would add at least $2.7 billion a year to GDP by 2030.