The New Zealand Business Forum and the red meat industry have joined in congratulating Prime Minister Jacinda Ardern's re-branded TPP agreement.

Ardern and Trade Minister David Parker negotiated the new deal at the Apec Leaders Summit in Da Nang, Vietnam.

Beef and Lamb New Zealand and the Meat Industry Association today welcomed the announcement of the new deal which has been coined the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

Sam McIvor, chief executive of Beef and Lamb New Zealand, said the CPTPP would deliver significant gains to the sector.

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"New Zealand's regions are hugely reliant on revenue flowing as a result of exports. Trade is the lifeblood for our sector, which in turn creates jobs and supports communities around New Zealand," he said.

"Over 90 per cent of New Zealand's sheepmeat and 80 per cent of our beef production is exported. These exports support around 60,000 jobs on farms and in processing companies, and a further 20,000 jobs in supplying sectors.

"This deal simultaneously opens up multiple markets in Japan, Mexico, Peru and Canada and puts us on a level playing field with other major red meat exporters in the Asia Pacific region, such as Australia and the European Union."

Tim Ritchie, chief executive of the Meat Industry Association, stressed the importance of the Japanese market to New Zealand.

"Demand in Japan for beef has been growing, but we have lost significant market share," Ritchie said.

"The situation got tougher in August when Japan imposed a WTO safeguard on frozen beef, raising its tariff on New Zealand exports from 38.5 per cent to 50 per cent, while Australia only faces a tariff of 22 per cent. Since the safeguard was applied, our frozen beef exports to Japan have fallen by 70 per cent," he said.

The New Zealand International Business Forum said the deal was a major achievement and congratulated Ardern and Parker.

"Our new Government has succeeded with CPTPP, not only in preserving essential elements of the original agreement, particularly in terms of improved market access to Japan, Canada and other markets, but has also softened its impact in areas that were previously contentious in New Zealand" said NZIBF executive director Stephen Jacobi.

Jacobi said the suspension of certain elements of the agreement including intellectual property and a reworking of overseas investment and investor state dispute settlements was particularly impressive.

The Investor-State Dispute Settlement (ISDS) no longer applies to investor screening.

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Anyone who takes up contracts with the Government would have to sue under domestic procedures instead of ISDS and a third aspect has been agreed around financial services.

"This is a major achievement - CPTPP is essentially a new agreement which recognises that aspects of the previous agreement had been problematic for some in civil society, while not diminishing the economic impact and the new opportunities created for New Zealand exporters," Jacobi said.