Benefits for New Zealand
The Regional Comprehensive Economic Partnership covers seven out of 10 of our top trading partners – China, Australia, Japan, Singapore, Korea, Thailand and Malaysia.
This agreement has the potential to increase business across the board in New Zealand. It’s a comprehensive agreement, covering trade in goods, trade in services, investment, economic and technical cooperation, intellectual property, competition, e-commerce (digital trade), government procurement, dispute settlement/legal and institutional issues. The potential benefits of this type of agreement are:
- elimination of tariffs into India on products of key export interest
- better market access for New Zealand businesses in a range of key Asian countries
- more consistent ways for dealing with sanitary and phytosanitary measures, technical barriers to trade, customs procedures, and rules of origin
- improved opportunities for New Zealand’s service sector
- improved protection for investors to help our businesses get closer to their customers
- deepening economic integration between countries to enable businesses to operate more effectively and efficiently throughout the region
- working to make the region’s “noodle bowl” of rules operate better together (e.g. rules of origin).
New Zealand already has free trade agreements with almost all of the countries involved in RCEP. Existing free trade agreements will remain in place, and RCEP would create new free trade agreement relationships where they do not already exist, notably with India. It may also be an opportunity to improve at the margin on some of our existing agreements.