So why is it important that we are ratifying RCEP? Firstly, it is a mechanism to create new opportunities for international trade for New Zealanders, contributing to and improving the wellbeing and living standards for all New Zealanders. Although RCEP does not offer the same level of tariff liberalisation as some previous free-trade agreements, bringing the broader region into a single rulebook covering all 15 markets will significantly reduce complexity and therefore compliance costs for exporters. This is a substantial achievement. Services investments are where big gains will be made, but there are also advancements in addressing non-tariff barriers. As the Minister of Customs, I must also highlight the benefit RCEP brings through enabling trade behind the border. This includes setting expectations for perishable goods like our seafood to be released within six hours of its arrival, even when outside the usual business hours of customs administration. These procedural changes will create a significant benefit for New Zealand's perishable goods exporters. These trade benefits are material. About half of New Zealand jobs are from the tradable sector, and independent modelling predicts that once the agreement is fully in effect, New Zealand's annual GDP will be between 0.3 percent and 0.6 percent larger as a result. That amounts to $1.5 billion to $3.2 billion in annual GDP.