Source: Radio New Zealand
The continued expansion of the CPTPP is important for growing New Zealand’s preferential access to markets,” the Trade Minister Todd McClay said. RNZ / Mark Papalii
Costa Rica has become the thirteenth member of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, with New Zealand exports to the Central American nation set to benefit from next year.
It becomes the second nation to accede to the CPTPP outside the original membership, following the United Kingdom.
Entry isn’t expected until the second half of 2027, but trade minister Todd McClay said it meant over 94 percent of New Zealand’s exports to Costa Rica would be duty-free from day one, and 99 percent within ten years.
“The continued expansion of the CPTPP is important for growing New Zealand’s preferential access to markets, as well as in response to increased challenges to the rules-based trade system,” he said.
Along with New Zealand, the other members of the agreement are Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, Peru, Singapore, the United Kingdom, and Vietnam.
Australian trade minister Don Farrell said members of the CPTPP demonstrated they could “meet, implement and adhere to the rules and standards of the Agreement, and have a demonstrated track record of complying with trade commitments.”
China, Taiwan, Ecuador, Uruguay, Ukraine, Indonesia, Philippines, United Arab Emirates, and Cambodia have all applied to join the agreement.
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– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand