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Not covered by trade agreements 10.2% EU-28 11% Other trade agreements under negotiation/pending finalisation 7% TPP 20% Trade agreements currently in force 52% What is the Trans-Pacific Partnership? • Better market access • $274m tariffs saved a year • $2.7b a year to GDP by 2030 • 95% tariffs removed for new partners • Level playing field for exporters • Benefits for tourism, education, IT HOW TPP WILL BENEFIT NELSON • Fish and Seafood • Wine • Horticulture • Forestry • Tourism SECTOR SAVINGS – FISH & SEAFOOD • Tariff savings of an estimated $9 million per year • NZ exported $581 million in fish and seafood to the TPP region in 2015 • All duties on NZ fish and seafood exports will be eliminated under TPP • Most tariffs are eliminated on the agreement’s entry into force SECTOR SAVINGS - WINE • New Zealand exported $952 million of wine to TPP countries in 2015 • Under TPP all tariffs on wine are eliminated • The annual estimated tariff saving will be $16 million OTHER WINS • Horticulture - $34 million per year • Forestry products - $11 million per year • Tourism • Law making • Medicine • Trade disputes • Treaty of Waitangi COSTS OF TPP • Extending copyright term - $55 million • Elimination of tariffs on imports to NZ - $20 million • Administrative changes to PHARMAC – $4.5 million one-off establishment cost and $2.2 million per year operating costs • Text and National Interest Analysis now public • Examined by Select Committee – public submissions • Law changes through normal Parliamentary process • Two years for all parties to complete domestic processes • TPP then takes effect