Advancement of New Zealand’s strategic interests Sample Clauses

Advancement of New Zealand’s strategic interests. ‌ While liberalisation of trade through the WTO still remains New Zealand’s over-riding international trade policy priority, the promotion of increased trade liberalisation through the CPTPP supports continued ambition in the WTO agenda. Realisation of the Agreement would establish a platform of high quality rules and standards to encourage trade and investment in the Asia-Pacific at a time when the global trading system is under pressure. In this regard, New Zealand views CPTPP as a ‘building block’ to support multilateralism, rather than a ‘stumbling block.’ The facilitative trade and investment framework created by the CPTPP is likely to have a significant influence on the form and function of value chains across the Asia Pacific region in the coming years. To a significant extent, these frameworks reflect New Zealand’s existing policy and practice. New Zealand firms would therefore be well placed to take advantage of these frameworks, and to extract more value from regional production processes through the CPTPP. The CPTPP would serve as a platform to support the integration of New Zealand business into regional supply chains and would provide greater consistency and certainty to traders and investors in CPTPP markets. The CPTPP also advances New Zealand’s strategic goals in other meaningful ways. The Agreement’s labour and environment outcomes are the most comprehensive New Zealand has achieved in a free trade agreement. Both of these are legally enforceable, for the first time. This will help raise labour and environment standards in the region and reduce the impact of unfair practices. The Agreement is also a world first in including a prohibition on granting or maintaining subsidies that contribute to illegal, unreported or unregulated (IUU) fishing or that negatively affect stocks that are in an overfished condition as part of a number of other obligations to help deter IUU fishing. In this way, CPTPP provides a foundation for the further evolution of trade rules and disciplines, and the contribution they can make to sustainable development.
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