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Trade representatives meet in New Zealand for signing of Trans-Pacific Partnership

Xinhua, February 4, 2016 Adjust font size:

Trade representatives of 12 nations gathered in a conference room at an Auckland casino early Thursday to thrash out the final details of the controversial Trans-Pacific Partnership (TPP) trade deal.

The delegates were escorted to the SkyCity center under tight security as protestors began to gather at a nearby city-center square to demonstrate against the signing of the deal.

New Zealand Prime Minister John Key was scheduled to arrive later Thursday morning for the official signing ceremony, Trade Minister Todd McClay told the assembled delegates.

McClay said the event was a momentous occasion for all the countries involved.

The 12 countries represented 800 million people and almost 40 percent of the world's GDP, he said.

McClay invited the delegates to visit other areas of the country during their stay.

In a nod to New Zealand's slowing economic growth, he added, "I hope you've brought your credit cards. We would like a little bit of help with the local economy. Please spend freely."

The New Zealand government claims the TPP would boost the New Zealand economy by at least 2.7 billion NZ dollars (1.8 billion U.S. dollars) a year by 2030, but critics say the gains are slight and forecasts have been inflated and fail to take negative impacts of the deal into account.

The signing is largely symbolic and the TPP will only come into effect when countries accounting for 85 percent of combined economic output ratify the agreement.

Analysts say this could take at least two years, and the process is looking uncertain in major players including the U.S. and Canada. Endit