Being part of RCEP is important to New Zealand for a number of reasons, but first we consider the broader environment in which RCEP and this bill sit. Across the world, before the pandemic, we were already experiencing an unsettled and unpredictable international environment. There was great pressure on the trading system, with growing protectionism, increases in non-trade tariff barriers to trade, and more overt geopolitical rivalries at play. Now, COVID-19 has impacted us all and, for our businesses, it has created great uncertainty, disrupting supply chains and creating difficulties for exporters. The pandemic has brought home to us the importance of being a champion for international trade and seeking economic cooperation. Against this backdrop, RCEP is important as it will bring real, direct commercial benefits to New Zealanders and companies.