New Zealand's fishing and seafood industry is expected to double exports once the 12-nation Trans-Pacific Partnership (TPP) trade deal takes effect, Trade Minister Todd McClay said Friday.
"Last year, we exported 581 million NZ dollars (401.41 million U.S. dollars) in fish and seafood into TPP countries. Once all duties are eliminated the savings will be 9 million NZ dollars (6. 22 million U.S. dollars) every year," McClay said in a published speech to business leaders in the South Island city of Nelson.
While most New Zealand fish going into the United States and Canada was already duty free, other markets among TPP countries were not. "Japan is particularly significant. We currently export 179 million NZ dollars (123.67 million U.S. dollars) into that market and all of the product attracts tariffs.
When TPP enters into force, 58 percent of those duties will disappear, 95 percent will be eliminated within five years and 99 percent in 11 years," said McClay. "Mexico is also worthy of note. New Zealand mussels currently attract a 20 percent tariff into that country.
That tariff is eliminated the minute TPP comes into force." The TPP was signed by representatives of the 12 nations in Auckland in February and is expected to take two years to come into effect.
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