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US free trade move a big step says exporters

Rural News
US free trade move a big step says exporters

United States confirmation that it will start negotiating entry to the Trans Pacific Partnership (TPP) - with new trade flows for NZ - is a significant step, meat industry groups say. President Barack Obama, in his first major trade initiative since taking office, announced last month in Tokyo that the United States would negotiate to join the Trans-Pacific Partnership (TPP), a regional free trade agreement that already includes Chile, Singapore, New Zealand and Brunei reports The NZ Herald. He has now formally notified Congress that the United States sees the talks as a chance to set the standard for 21st-century trade agreements. Australia, Peru and Vietnam also want membership in the agreement, which supporters say will help ensure that the United States is not left out of regional trading arrangements in one of the most dynamic regions of the world. The first round is due to start on March 15 in Australia, which already has a bilateral free-trade agreement with Australia, something New Zealand has been unsuccessfully seeking for years. The Congressional notification from the United States Trade Representative, Ron Kirk, of intent to negotiate TPP, is a significant step towards trade liberalisation within the Asia Pacific region," said Meat and Wool New Zealand chairman Mike Petersen. "The complexity of TPP negotiation becomes quickly apparent when the interests of eight participants require consideration," he said. "New Zealand is joined at the TPP negotiating table by the US, Australia, Singapore, Brunei, Chile, and Peru, with Vietnam joining initially as an observer with a view to full participation. "Many will try to characterise this as a bilateral agreement for New Zealand with the US, but it is much more than that," said Petersen.

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