Fonterra welcomes US confirmation of Trans Pacific Partnership talks

The confirmation that the US will join the Trans Pacific Partnership (TPP) trade negotiations is welcome news, Fonterra said today.

The US is New Zealand’s second largest dairy export market, after China. Annual exports last year were 153,000 tonnes, mostly casein, caseinate, milk protein concentrate, and cheese, worth $1.3 billion.

“TPP will be a major breakthrough in international trade policy if negotiations are successful,” said Ken Geard, Fonterra Senior Trade Consultant. “It will significantly open up trade in the Asia-Pacific region.”

New Zealand is negotiating TPP with the US, Australia, Singapore, Brunei, Chile, Peru, and Vietnam.

“The New Zealand Government’s efforts have played an important role in reaching this stage and we look forward to the Government continuing to advance these discussions,” Mr Geard said.