Trade Minister Heads to Vancouver for Key CPTPP Meeting

The CPTPP member nations now account for more than a third of New Zealand’s total trade, valued at $64 billion annually, and encompass 15% of global GDP.

Trade Minister Todd McClay departs today for Vancouver to attend the 8th Commission Meeting of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), a pivotal gathering for global trade collaboration.

“CPTPP is a gold-standard free trade agreement,” Minister McClay said. “The United Kingdom’s recent accession and growing interest from other economies underscore the agreement's value and influence.”

CPTPP’s Growing Impact on Trade

The CPTPP member nations now account for more than a third of New Zealand’s total trade, valued at $64 billion annually, and encompass 15% of global GDP. This opens doors to a consumer base of over 580 million people.

“This meeting will focus on accelerating the expansion of CPTPP membership and advancing an ambitious review of the agreement to deliver even greater benefits for businesses,” said Mr. McClay. “It’s an opportunity to reaffirm our commitment to rules-based trade and foster stronger international collaboration.”

Key Goals: Expansion and Review

Expanding and enhancing CPTPP aligns with New Zealand’s strategic goal to double its exports by value over the next decade. Key objectives for this meeting include:

Encouraging additional countries to join CPTPP, increasing its global reach and impact.

Identifying new trade opportunities and reducing barriers for New Zealand businesses.

Reviewing and refining the agreement to adapt to changing global trade dynamics.

Engagement with New Zealand Businesses

While in Vancouver, Minister McClay will meet with New Zealand businesses operating in Canada, discussing the challenges and opportunities they face in leveraging CPTPP for growth.

“These engagements allow us to better understand how our trade agreements translate into on-the-ground benefits for exporters,” he said.

Strengthening the Global Trade Framework

Minister McClay emphasized the importance of CPTPP in securing a rules-based trade framework amidst global economic uncertainties. “CPTPP demonstrates the power of collaboration in driving sustainable growth and ensuring fair, open trade practices.”

The outcomes of the Vancouver meeting are expected to reinforce New Zealand’s role as a leading advocate for free trade while paving the way for new opportunities in the Asia-Pacific and beyond.