Beef + Lamb New Zealand chief executive Sam McIvor said CPTPP could save the domestic red meat industry NZ$65 million (m) per annum.
“CPTPP brings some of the largest and most dynamic economies in the Asia-Pacific together around a common goal,” he said. “Once fully implemented, CPTPP will save the red meat industry around NZ$65m each year in tariffs. This is money that stays in New Zealand, to be cycled through the New Zealand economy.”
Meat Industry Association of New Zealand chief executive Tim Ritchie added: “This new agreement addresses concerns many New Zealanders had with the Trans-Pacific Partnership, and is a deal that is good for trade and good for New Zealand.
“Over 600,000 New Zealand jobs directly depend on international trade. The red meat sector alone employs more than 80,000 people in regional New Zealand – all jobs that depend on our ability to export competitively.”
The text of the agreement was released earlier this week.
The CPTPP will be signed in Santiago, Chile, on 8 March 2018 and the 11 countries involved are New Zealand, Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, Peru, Singapore and Vietnam.
The CPTPP was created following the withdrawal of the US from the Trans-Pacific Partnership in 2017. Canada was the last country from the original TPP deal to agree to sign the CPTPP following a plea from the Canadian Meat Council about its benefits to the industry.