CPTPP ratified; Trans-Tasman e-Invoicing Arrangement signed

 Australian Small Business Ministry has stated that e-Invoicing will help businesses in both countries save time and money by allowing the direct exchange of invoices between suppliers’ and buyers’ financial systems. Formalising a collaborative approach will help businesses on both sides of the Tasman to facilitate easier transactions.

Government initiatives for small business since October 2017 include:

• initiating legislative changes to improve and increase accessibility of data on the NZBN Register;

• renewing the small business payroll subsidy;

• launching the NZ Business Performance Panel;

• establishing the Small Business Council; and

• launching the online tools Choose Business Structure and Workplace Policy Builder.

This cleared the way for New Zealand to pass the Comprehensive and Progressive Agreement for Trans Pacific Partnership (CPTPP) legislation. This in turn allowed New Zealand to ratify the agreement.

New Zealand today ratified the CPTPP taking to four the number of countries that have formally ratified the Asia-Pacific trade deal, which will come into effect 60 days after six countries ratify the deal. New Zealand joins Japan, Mexico and Singapore that have already ratified. Australia and Canada are expected to join very soon. That means the tariff reductions and increased exports will begin very early in 2019. The CPTPP markets are collectively home to 480 million consumers and make up 13.5% of world GDP.