New Zealand is a party to several free trade agreements (FAs) around the world. The Department of Foreign Affairs and Trade (MFAT) has launched a new web section to open discussion on the trans-Pacific Partnership Free Trade Agreement negotiations. Ministers from the Trans-Pacific Partnership (TPP) met on the sidelines of the APEC Minister for Trade to review progress to date and to discuss the way forward for a high-level regional trade agreement. Comprehensive AND PROGRESSIVE AGREEMENT FOR TRANS-PACIFIC PARTNERSHIP (CTPP) (2018) This is the third largest economic pact in the world. The CPTPP was closed on 23 January in Tokyo, Japan, signed on 8 March in Santiago, Chile, and ratified four months later. TPP-11 is the largest trade pact in the Asia-Pacific region signed by 11 countries: Chile, Australia, Brunei, Canada, Mexico, Japan, Malaysia, New Zealand, Peru, Singapore and Vietnam. The pact will enter into force as soon as a sufficient number of participating countries ratify the internal agreement within the next two years. Amid questions about U.S. engagement in Asia, RCEP could strengthen China`s position as an economic partner with Southeast Asia, Japan and Korea and allow the world`s second-largest economy to better shape the region`s trade rules. The New Zealand-Malaysia Free Trade Agreement (MNZFTA) was signed on 26 October 2009 in Kuala Lumpur and came into force on 1 August 2010. Malaysia is also a party to the ASEAN-Australia Free Trade Agreement (AANZFTA). Distributors should consider the agreement that is most beneficial to their imported/exported products.
The Trans-Pacific Strategic Economic Partnership Agreement (P4) is an agreement between Brunei Darussalam, Chile, Singapore and NZ. The P4 agreement, which represents « Pacific 4, » came into force in 2006. Under P4, most tariffs on goods traded between Member States were immediately abolished, with the remaining tariffs expiring (until 2015 for Brunei Darussalam and 2017 for Chile). New Zealand`s economy is a market economy heavily dependent on international trade, particularly with Australia, the United States of America, China and Japan. It is highly dependent on tourism and agricultural exports and has only small manufacturing and high-tech components. Market economic reforms in recent decades have removed many barriers to foreign investment, and the World Bank has made New Zealand the most business-friendly country in the world . Regional and bilateral free trade agreements have become an important part of New Zealand`s international trade policy. New Zealand has used free trade agreements, also known as closer economic partnerships, to liberalize trade between economies. A closer economic partnership agreement with Thailand was negotiated in 2004 and implemented in 2005.