The Government has released the full text of the CPTPP along with a hefty document on the expected impact of the trade deal, formerly known as the TPP.
The Minister of Trade David Parker says the agreement will see the standard of living improve for everyone from a freezing worker to the owner.
The Ministry of Foreign Affairs and Trade (MFAT) document says New Zealand is expected to see a GDP increase of between 0.3 percent and 1 percent - in dollar terms, that's between $1.2 billion and $4b a year.
The analysis says the benefits of the trade deal exceed those of New Zealand's trade deal with China. It opens new deals with Japan, Canada, Peru and Mexico.
The impact of not signing the CPTPP would be a $183 million decline in GDP, the 243-page document says, as supply chains would be eroded, competitors would be favoured and investment diverted from New Zealand.
The document states the impact on areas outside the economy will be minimal - and anticipates a "net positive" effect on employment.
It says "no impact is expected" in areas including: social regulation, health, immigration, human rights, Treaty of Waitangi, culture (including digital economy) and the environment.
The estimated economic impact
Tariffs will be eliminated on NZ exports to CPTPP countries within 16 years, with some exceptions.
The CPTPP will give New Zealand "greater opportunities" to bid for government contracts in CPTPP markets.
In dollar figures:
- Reduction in tariffs estimated to increase New Zealand's GDP by $760 million
- Reduction in non-tariff measures $363M to $1.2B
- Improved trade facilitation measures $0 to $360M
- Reductions on barriers on services trade: $47m to $1.6b
The Treaty of Waitangi
MFAT's modelling says due to the CPTPP's provision that preserves "the pre-eminence of the Treaty of Waitangi in New Zealand", nothing in the trade deal will prevent the Crown from meeting its obligations to Maori "and New Zealand's interpretation of the Treaty of Waitangi will not be subject to dispute settlements."
The scope of ISDS tribunals has been narrowed compared to the TPP. Private companies who enter Government contracts will not be able to use ISDS clauses if there is a dispute.
MFAT's National Interest Analysis says a reciprocal agreement with Australia means the ISDS tribunals do not apply between our countries. "This covers 80 percent of our overseas investment from CPTPP countries as a whole."
MFAT says the trade deal will not impact New Zealand's pharmaceutical purchasing arm Pharmac.
Trade Minister David Parker gave a guarantee the Pharmac model won't be affected.
The United States
An early action taken by United States President Donald Trump was signing an executive order taking the United States out of the TPP.
Parker says the US won't have a right to re-enter the deal "just because they want to."
The deal will go to select committee and the public will get a chance to submit on it.
It will come into effect at the end of the year.
A number of intellectual property provisions have been suspended. There is "no longer a need to extend New Zealand's copyright term to 70 years", but New Zealand will be required to enact a number of other intellectual property amendments.
Performers will be given "new exclusive rights" and Customs will be given the power to temporarily detain suspected pirated works. Additional damages will also be awarded for trademark infringements.
The Greens - the only continued TPP opposition
The Greens are the only party in Parliament opposing the deal.
On Wednesday afternoon, co-leader James Shaw said while Mr Parker has "done a good job" narrowing the scope of ISDS tribunals, those suspensions could be undone if the US was to enter the deal.
"A number of these provisions have only been suspended on the assumption the US won't come in, but if the US does come in those other clauses we were worried about will come into force.
"Our appetite for risk just isn't that high. There are things in it that are good, but on balance, the continued existence of the ISDS means we can't support it," Mr Shaw said.
NZ First had some harsh pre-election criticisms of the deal, but Winston Peters says the party now support the deal because of changes that have been made. He says it's now a substantially different deal.
- Kiwifruit tariffs eliminated, including duty free access to Japan, which is NZ's largest kiwifruit market
- Tariffs on wine will be eliminated
- Nearly all tariffs on sheep meat will be eliminated
- All tariffs on forestry will be eliminated
- Tariffs on apples eliminated within 11 years
- Beef export tariffs to Japan will drop from 38.5 percent to 9 percent over 16 years
- 99 percent of fish imports into Japan will be eliminated within 11 years