Tax Changes For Settlements & The ‘Bright-Line’ Test
December 7, 2015Trusts & Relationship Property – What Does Clayton v Clayton Mean For Me?
December 7, 2015In October 2015, the final form of the Trans-Pacific Partnership Agreement (‘TPPA’) was agreed upon in principle by the trade representatives for each of the 12 member states – although this does not mean it has yet become laws.
The TPPA process has proved to be controversial, with the secrecy of negotiations and contents of the leaked TPPA text being criticised in some quarters.
Under a rule set by the US, the full text of the TPPA should be released to the public within 30 days, and the TPPA cannot be ratified by any country within 90 days of conclusion of negotiations. The Ministry of Foreign Affairs and Trade advises that the final text may, however, be delayed due to ongoing discussions as to the interpretation of some the terms of the agreement between the negotiators, which has affected preparation of a complete text.
Once the TPPA text is released it is expected to go through the parliamentary treaty examination process. Being an international treaty it is, if approved, ratified by Cabinet and not Parliament.
