Senate Finance Committee Chairman Max Baucus (D - Montana), Chairman of the United States Senate Finance Committee, has met with New Zealand’s Prime Minister John Key and Trade Minister Tim Groser, to discuss the negotiation of the proposed extension to the Trans-Pacific Partnership (TPP).

The 13th round of TPP trade treaty negotiations was held last month. Australia, Brunei, Chile, Malaysia, New Zealand, Peru, Singapore, the US and Vietnam are currently involved in the talks, with Canada and Mexico due to join the negotiations later this year.

With the Finance Committee’s jurisdiction in the Senate covering trade policy, especially in relation to trade agreements, Baucus has confirmed that he is pushing for a TPP agreement that benefits American businesses, workers, farmers and ranchers, reduces barriers to trade and includes strong intellectual property protection.

“Our economy will grow, and American businesses will create jobs, as we strengthen our trade ties with countries like New Zealand. The Asia Pacific region is a hotbed of economic growth, and we need to ensure the United States benefits from that growth and remains a key player in the arena,” Baucus said. “New Zealand is a key partner in the TPP – one we need to help break down barriers to trade and support a strong agreement.”

The US is New Zealand’s third-largest trading partner in the TPP; US exports to New Zealand totalling USD4.4bn in 2010. Major US exports include aircraft, automobiles, medical devices and petroleum products.

August 24, 2012

Source: Tax News

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