New Zealand ratifies RCEP

0 Comment(s)Print E-mail Xinhua, November 3, 2021
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New Zealand's Minister of State for Trade and Export Growth Phil Twyford announced Wednesday that New Zealand has ratified the Regional Comprehensive Economic Partnership (RCEP) agreement.

Signed in November last year, the RCEP is a mega trade deal between 10 Association of Southeast Asian Nations (ASEAN) member states, namely Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam, plus China, Japan, South Korea, Australia and New Zealand.

Once in effect, the deal will eliminate tariffs on as much as 90 percent of goods traded between its signatories over the next 20 years. RCEP will be a trade agreement between 15 economies in the region that is home to almost a third of the world's population, nearly a third of the world's gross domestic product (GDP), and collectively takes over half of New Zealand's exports.

Twyford noted that the deal will unlock huge economic benefits for exporters and businesses, as well as new market access.

"For New Zealand exporters, businesses and investors this means: A single set of trade and investment rules across the entire RCEP region, increasing certainty and reducing complexity. The opportunity for our exporters to get their products into RCEP-wide regional value chains."

"More market access opportunities, especially for services and investment into China and some ASEAN member states. Less red tape for exporters, and more streamlined trade; and new rules on government procurement, competition policy and electronic commerce, which will help New Zealand exporters take advantage of increased business opportunities," Twyford said.

"Our primary industries will also benefit - with the new expectation that customs authorities will release perishable goods within six hours of arrival, helping to reduce spoilage and save money," he said.

"This agreement will also enable our businesses to be better connected via regional supply chains and provide more certainty to exporters in what remain globally uncertain times."

Independent analysis by ImpactECON has shown that over a period of 20 years, New Zealand's annual GDP will be between 0.3 percent and 0.6 percent larger as a result of the agreement.

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