New Zealand parliament headquarters (Source:wikipedia.org)The New Zealand government announced on October 25 that it has formally ratified the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
The country's parliament passed the deal on October 24, with support from all parties except the Greens. Earlier, Japan, Mexico and Singapore already ratified the deal in the beginning of this year.
Trade Minister David Parker highlighted the importance of the agreement in face of the rapid escalation of protectionist measures around the world, saying that businesses will be able to take advantage of improved trading conditions and lower tariffs.
Prior to the agreement, New Zealand did not have a trade agreement with Japan, Canada or Mexico.
Formerly known as the Trans-Pacific Partnership, the CPTPP was signed by 11 member states in March after the US withdrew from the original agreement early last year.
It will enter into force 60 days after any six signatory countries have ratified the agreement.
The Australian Parliament ratified the deal earlier this month.
The other member countries are Brunei, Canada, Chile, Malaysia, Vietnam and Peru./.