TPP trade pact ratified

The Government has formally ratified the Trans-Pacific Partnership (TPP) trade deal just days before Prime Minister Bill English heads to Japan for talks with Prime Minister Shinzo Abe.

Japan is seen as key to a pareddown TPP being agreed to, now that the United States has pulled out.

Trade Minister Todd McClay said the Cabinet decision to ratify the TPP showed leadership with Japan, which has also ratified it.

New Zealand has already passed the necessary domestic legislation to bring the TPP into force, but under current rules it would require the US to sign up.

‘‘Cabinet’s decision sends a clear message that we see value in a common set of high-quality rules across the Asia-Pacific and we are keeping all of our options open,’’ McClay said.

‘‘TPP remains valuable both economically and strategically.’’

The executive director of the NZ-US Council, Fiona Cooper, said it was good to know New Zealand would be ready to implement the TPP ‘‘if the USA were to decide to come back to it in the future’’.

A business delegation accompanying English includes senior figures from primary industry and technology as well as NZ Rugby Union chair Steve Tew.

English will then head to Hong Kong for talks with Chief Executive CY Leung and incoming Chief Executive Carrie Lam.