New Zealand Trade Agreements with Japan: What You Need to Know
New Zealand and Japan have a long-standing trade relationship that dates back to 1952. Over the years, the two countries have signed several trade agreements aimed at strengthening their economic ties. These trade agreements have opened up new avenues for trade and investment, benefiting businesses and consumers in both countries.
Let`s take a closer look at some of the key trade agreements between New Zealand and Japan.
New Zealand-Japan Economic Partnership Agreement (NZJEPA)
The NZJEPA is a comprehensive bilateral free trade agreement that was signed in 2008. It is one of New Zealand`s most significant trade agreements, providing improved access to the Japanese market for New Zealand exporters. The agreement eliminates tariffs on 99% of New Zealand`s exports to Japan over time, and reduces non-tariff barriers to trade and investment.
The NZJEPA covers a range of sectors, including agriculture, forestry, fisheries, and manufacturing. In addition, it includes provisions on intellectual property, e-commerce, and government procurement. The agreement also establishes a framework for cooperation on environmental and labor issues.
Trans-Pacific Partnership (TPP)
The TPP was a multilateral trade agreement involving 12 countries, including New Zealand and Japan. The agreement was aimed at creating a free trade area in the Asia-Pacific region and included provisions on trade in goods, services, and investment, as well as intellectual property and other issues.
The TPP was signed in 2016 but was never implemented, as the United States withdrew from the agreement in 2017. However, the remaining 11 countries continued negotiations and eventually signed the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in 2018.
The CPTPP is a multilateral trade agreement that includes 11 countries, including New Zealand and Japan. The agreement builds on the TPP, with most of the original agreement`s provisions retained. The CPTPP eliminates tariffs on 95% of goods traded between member countries, creating significant opportunities for exporters in New Zealand and Japan.
The agreement covers a range of sectors, including agriculture, fisheries, and forestry. In addition, it includes provisions on labor and the environment, as well as intellectual property and e-commerce.
New Zealand and Japan have a strong and mutually beneficial trade relationship. The trade agreements between the two countries have helped to increase trade and investment, promoting economic growth and job creation. With the NZJEPA and CPTPP in place, there are significant opportunities for businesses in both countries to benefit from increased market access and reduced trade barriers. As the global economy continues to evolve, the New Zealand-Japan trade relationship will remain a key driver of economic growth and prosperity.