Trade Minister David Parker is heading to Tokyo this week for the first CPTPP meeting

Trade Minister David Parker said the CPTPP is important in the current uncertain global trading environment. Photo / Mark Mitchell

Trade Minister David Parker is heading to Tokyo this week for the first CPTPP meeting since the trade deal came into force at the end of last year.

The meeting would be an early opportunity to bring into effect the Comprehensive and Progressive Trans-Pacific Partnership's (CPTPP) institutional arrangements, Parker said.

"The CPTPP is important in the current uncertain global trading environment. It provides a level of insurance for New Zealand against strains in the multilateral rules-based trading system."

The deal came into force on December 30 last year. It was ratified by New Zealand in October.

The agreement had been the source of much controversy in recent years, with thousands of people taking to the streets in Auckland to protest against the deal in 2016.

But the controversy has died down since Labour took power and renegotiated the deal in an attempt to, among other things, protect Treaty of Waitangi principles, Pharmac and New Zealand's sovereignty.

During its third reading, Minister of State for Trade and Export Growth Damien O'Connor said the deal would open access for exporters to 480 million consumers across 11 countries, including four which New Zealand had no trade agreement with.

One of those countries is Japan – is the world's third-largest economy.

"New Zealand has valued Japan's leadership in helping to bring this agreement into force.

Our joint efforts to implement the agreement serve as an example of how New Zealand and Japan can work together as strategic partners in our region," Parker said today.

So far, the deal has been ratified by seven of the 11 CPTPP countries – New Zealand, Australia, Canada, Japan, Mexico, Singapore and Vietnam.

Parker said the remaining four signatories were working to complete their domestic procedures and they would soon notify New Zealand, as Depositary, that they are ready to join the agreement.

As well as CPTPP meetings, Parker planned to hold talks with his ministerial counterparts to discuss trade and wider global issues, as well as meeting with New Zealand business representatives.