Red meat sector welcomes TPP Agreement signing

By Aidan Fortune

- Last updated on GMT

The TPP agreement has been welcomed by the 12 member nations
The TPP agreement has been welcomed by the 12 member nations

Related tags: New zealand, International trade

The signing of the Trans-Pacific Partnership (TPP) Agreement in New Zealand has been dubbed “a significant step towards reducing the amount of tariff and non-tariff barriers on red meat exports” by the red meat sector. 

Trade Minister Todd McClay signed the TPP Agreement with the 11 other member countries, including Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, Peru, Singapore, the United States and Vietnam.

TPP member countries

Brunei
Chile
New Zealand
Singapore
Australia
Canada
Japan
Malaysia
Mexico
Peru
United States
Vietnam

James Parsons, Beef + Lamb New Zealand chairman, said: “This deal is critical for New Zealand sheep and beef farmers and meat exporters, keeping us competitive in key markets.”

Bill Falconer, Meat Industry Association chairman, added: “The TPP deal also includes ways to address complex non-tariff barriers, which will prove useful in terms of opening markets and ensuring that they stay open.”

The New Zealand sheep and beef sector exports close to 90% of its production totaling $7.4 billion, on which it paid $323 million of tariffs in 2014. Nearly one-third of those total exports go to TPP member countries, with a significant proportion of those tariffs paid in Japan ($77 million) - where applied tariffs on beef exports are 38.5%.

The TPP agreement is expected to eliminate, over time, the vast majority of tariff costs on New Zealand red meat exports to TPP member countries. Based on 2014 exports, this would be a reduction in tariffs paid of around NZ$72 million which ensures that New Zealand red meat products will remain competitive in TPP markets.

TPP Member Countries
12 nations have signed the TPP agreement

The TPP is expected to enter into force within two years, once all member countries have completed their legislatives processes.

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1 comment

But lose the big Halal meat market

Posted by syed saroor ahmed,

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