PM to release CPTPP national interest analysis on Wednesday

The government will release its national impact statement on the Trans-Pacific economic deal on Wednesday.

But it is not sure it will be able to release the text of the Comprehensive and Progressive Agreement for the Trans-Pacific Partnership the same day.

Prime Minister Jacinda Ardern has said at her post-cabinet news conference today she hopes the government can but that depends on other CPTPP countries agreeing to its release.

Ms Ardern says her government has been frustrated it has been unable to release the text of the agreement before now.

Critics of the deal have argued the government has done little to improve the original TPP deal the previous National-led government signed. Labour argues the new agreement is an improvement although it acknowledges it did not achieve everything it wanted in the negotiations. But it says it has retained its right to stop foreigners buying residential property, as well as restricting the ability of foreign corporations to sue the government.

Once the text of the deal is released both advocates and critics will be able to argue over the detail of what is in it.

Ms Ardern says as well as releasing the national impact statement the government is also engaging in a round of public consultation in the lead-up to trade ministers signing the CPTPP in Chile on March 8. But, even once it is signed, that will not be the end of the debate on the matter.

The deal is expected to be signed in Chile on March 8 but Ms Ardern said it won't come into force until it's ratified by 50% of the partners. Parliament will have the opportunity to debate the agreement and it will also go through select committee scrutiny for a full public examination, she says.

While the agreement remains contentious and the Green Party is voting against it, the government has the support of New Zealand First and, in all likelihood, the National Party.

Mfat's analysis of the 13-nation Trans-Pacific Partnership, which included the US, estimated an economic benefit of $624 million would accrue from reduced tariffs and barriers and a further $1.46 billion benefit from the removal of non-tariff barriers, with an extra $374 million derived from better trade measures and $250 million from the removal of barriers to services. That would be offset by a $55 million cost from a copyright extension, $20 million of foregone tariff revenue and about $4.2 million in administrative and marketing costs. The analysis ultimately found the deal was in New Zealand's interests.

(Additional reporting by BusinessDesk)