The signing of the Trans Pacific Partnership (TPP) Agreement is expected to boost wine exports from New Zealand, bringing multi-million-dollar benefits to the sector, especially in one of NZ biggest wine growing region, Hawke’s Bay.
Hawke’s Bay Wine said the deal will positively affect the industry as a whole, as well as generate greater tourism revenue. “Our understanding of the TPP Agreement,” said chief executive James Medina, “is that it paves the way for tariffs to effectively be removed, dependant on individual markets, although some countries may take longer than others.” The most lucrative partnerships could be those with big markets such as Japan, US and Canada, but also Malaysia and Singapore are said to be strong targets for wine exports.
Medina precised that waiving tariffs would not be detrimental to the domestic market.
