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\nThe continued expansion of the CPTPP is important for growing New Zealand’s preferential access to markets,” the Trade Minister Todd McClay said.
\nPhoto: RNZ \/ Mark Papalii\n<\/p>\n
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.<\/p>\n
It becomes the second nation to accede to the CPTPP outside the original membership, following the United Kingdom.<\/p>\n
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.<\/p>\n
“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.<\/p>\n
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.<\/p>\n
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.”<\/p>\n
China, Taiwan, Ecuador, Uruguay, Ukraine, Indonesia, Philippines, United Arab Emirates, and Cambodia have all applied to join the agreement.<\/p>\n