TPP Bill goes to Parliament
Legislation which would make required changes to bring the Trans-Pacific Partnership (TPP) into effect has been introduced to Parliament.
The omnibus TPP Agreement Amendment Bill is designed to make all domestic changes to New Zealand's laws to meets is obligations under the 12-country trade deal.
However, Trade Minister Todd McClay says most of those obligations can be met through existing laws.
It's the next step in what New Zealand needs to do, with the full text having already been examined by the Foreign Affairs, Defence and Trade Select Committee as well as the National Interest Analysis.
Labour, New Zealand First and the Green Party, which all have members on the select committee, have submitted minority reports as to why they oppose the deal.
"The TPPA will have ramifications for generations of New Zealanders.
"For their sake, we should not so lightly enter into an agreement which may exacerbate long-term challenges for our economy, workforce, and society," Labour said.
Mr McClay has criticised Labour for its stance, saying the party has confirmed it is "no longer pro-free trade".
This is despite senior MP Phil Goff and former Labour Prime Minister Helen Clark both backing the deal.
He says Labour's five non-negotiable bottom lines for the TPP have been met:
The TPP is said to comprise 40 percent of global GDP, representing 800 million people who spend $28 trillion a year.
It could mean an estimated $2.7 billion a year to New Zealand by 2030 -- just 1 percent of the country's GDP.
Each signatory country needs to ratify the deal in their respective Parliaments before it can come it force.
If it does, it could be in place by late 2017 or early 2018.