Earlier this week, President Barack Obama signed into
law legislation giving the US "fast track" authority to
conclude the Trans-Pacific Partnership (TPP) —
removing a major roadblock to the 12-nation regional trade and
investment pact.
There now appears to be sufficient political will for
remaining hurdles, though high, to be cleared.
For New Zealand, the real promise of the TPP lies in
greater market access for our primary products – especially
dairy. But to access these benefits (if available), New Zealand
will need to trade concessions in other areas.
The size of the prize
The US, Japan and Canada represent the three largest economies
involved in the TPP negotiations. None of them has a Free Trade
Agreement (FTA) with New Zealand, and all of them currently impose
high barriers to agricultural imports.
