New Zealand has signed on as a member of the a 12 nation Trans-Pacific Partnership trade deal.
The deal took 5 years of negotiation between countries as they discussed various options.
All of the negotiations were conducted in secret, resulting in large protests across the Pacific Rim as the deal’s terms were not publicly known.
Trade Minister Tim Groser was enthusiastic about the deal. Highlighting the positive benefits the new deal would bring to New Zealand exporters.
Prime Minister John Key said the trade deal would eliminate taxes on 93 per cent of New Zealand’s exports to 12 countries involved in the deal.
The details will take some time to assess, but what is known is some tariffs on dairy exports will remain in place.
Mr Key said consumers would not pay more for subsidised medicines as a result of TPP and the Pharmac model would not change.