New Zealand Government flags changes for TPP-11
October 23, 2017: New Zealand Prime Minister-elect, Labour’s Jacinda Ardern, has said that walking away from the TPP-11 talks is ‘not necessary’, although she will push to secure a ban on foreign property speculators. This would mean a change to New Zealand’s investment schedule in the TPP-11 text. Labour had also previously raised concerns about the inclusion of the investor state dispute settlement (ISDS) in the TPP.
The 2016 select committee report on the original TPP agreement included minority dissents from all three parties in the new New Zealand Coalition government – Labour, The Greens, and New Zealand First. At the time, none of the parties supported the ratification of the deal. Labour noted that they had no confidence in the economic benefits of the deal, and called for further modelling on the impacts the TPPA would have on employment and wage distribution. Since the withdrawal of the US from the TPP, there has been no new cost-benefit analysis of the deal, despite calls from critics like Professor Jane Kelsey.
The proposed NZ changes could further complicate talks when the TPP-11 meet in Japan next week to attempt to revive the deal.