NZ signs dotted line on ‘fair deal’

After years of stalling and controversy, the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) has finally been signed in Chile, with Trade Minister David Parker describing it as a ‘‘fair deal’’.

The agreement, formerly known as the TPPA when the United States was part of negotiations, brings together 11 countries whose combined economies total 13.5 per cent of the world’s GDP.

But not all Government support partners are pleased with the news. The Greens called on all political parties to rule out signing any trade deals like it in the future.

Greens trade spokeswoman Golriz Ghahraman said no future governments should sign agreements with investor-state dispute settlements (ISDS) because they were ‘‘a threat to our sovereignty’’.

Parker revealed New Zealand had signed a number of side letter agreements while in Santiago that exclude ISDS, which have the same treaty-level status as the CPTPP.

Those side letters have been signed with Australia, Brunei, Malaysia, Peru and Vietnam.

‘‘This is a fair deal for New Zealand.

‘‘It gives our exporters new opportunities in key markets like Japan, it preserves the unique status of the Treaty of Waitangi, and it protects the Government’s right to regulate in the public interest.’’

But Ghahraman said it was disappointing the side letters were with ‘‘relatively small nations’’ while the likes of Japan and Chile were ‘‘still free to sue our government for access’’.

Prime Minister Jacinda Ardern said a process still needed to be gone through before the CPTPP came into effect, which included a select committee process and parliamentary debate.

‘‘There’s a lot more still to do,’’ Ardern said.

Ardern said she was ‘‘pleased with the progress we’ve made’’ around the ISDS side letters.

‘‘We didn’t get as far as we would have liked but we made a huge difference to the way they will apply.’’

Alongside the agreement, New Zealand has also joined Canada and Chile in issuing a joint declaration on fostering progressive and inclusive trade.

‘‘(It’s) an acknowledgement of public concerns about ISDS,’’ Parker said.

‘‘Along with Canada and Chile, we have pledged to work together to promote transparency,’’ he said.