Te Taumata welcomes and supports the United Kingdom’s accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) – one of the world’s largest free trade agreements (FTA).
Recognising the significance of international trade for the Māori economy, Te Taumata sees the UK’s participation as a catalyst for substantial market opportunities for Māori exporters.
“With one in four jobs in the Māori economy directly linked to exports, diversifying into new markets is essential for sustained growth. The Māori economy, estimated to be between $NZ70 and $NZ80 billion, has been experiencing impressive annual growth rates of 10-20%,” says Te Taumata Chairman Chris Karamea Insley.
“However, it is crucial to mitigate risks associated with over-reliance on a single market. Therefore, the UK’s accession to the CPTPP presents a strategic move to address these risks and explore fresh avenues for expansion.
“The CPTPP not only reduces costs for businesses but also upholds labour and environmental standards while respecting Te Tiriti.
“By providing market access and eliminating tariffs on exports, the CPTPP, along with the UK’s involvement, brings significant economic advantages to Māori exporters.
“The decision of the United Kingdom to join the CPTPP highlights the ongoing relevance and appeal of this agreement as a crucial regional trade architecture.
“By diversifying market and country risk for Māori exporters, the CPTPP opens up new avenues for growth and prosperity in the Māori economy.
“Te Taumata remains committed to advocating for Māori interests and facilitating engagement and collaboration between key stakeholders to ensure a prosperous and sustainable future for Māori businesses and our people,” says Mr Insley.
The UK’s accession to the CPTPP is set to be finalised at the upcoming CPTPP ministerial meeting in Auckland in July.