The Trans Pacific Partnership Agreement with New Zealand
The United States, and therefore American Law, is entering into an exciting new era of economic participation in the Trans-Pacific arena (the market spanning the Pacific between North America, the West Coast of South America, the Asian Pacific, Australia and New Zealand). In the past American participation has been in the form of territorial expansion and military protection. However, in the past two decades we have seen the increase of inter connectivity between the economic powerhouses in Asia and the United States. This has resulted from globalization, which requires international business to utilize the comparative advantages of the different countries throughout the Trans-Pacific region to create a modern global supply chain which is truly unique in its reach and efficiency.
Recognizing this emerging reality, policy makers in the US have jumped in with other countries (namely Australia and New Zealand) to forge a 21st century trade agreement which will at the same time promote and regulate this emerging Trans-Pacific market place through the Trans-Pacific Partnership Agreement. The TPPA will create a free trade zone spanning the Pacific between the US, Canada, Mexico, Japan, South Korea, Vietnam, Malaysia, Brunei, Singapore, Australia, New Zealand, Peru and Chile. While the TPPA is still under negotiation, individuals and businesses with interests in the Trans-Pacific will need to be ready to take advantage of the potential boost in economic activity which will result from this new free-trade zone.
Norris Echetebu Law and the Norris Law Firm are situated strategically in New Zealand and in the United States in help our clients take advantage of this emerging international trade law. American legal principles and American law pervade international trade law in this arena. Clients conducting international trade into the United States should arm themselves with legal counsel that understands the international legal issues as well as the American legal issues involved.