RCEP will cover around 61 percent of New Zealand's goods exports and 45 percent of our services exports. These countries take over half of New Zealand's total exports and provide more than half of our direct foreign investment. New Zealand exported over $36 billion worth of goods to RCEP countries and nearly $12 billion of services in the year ending December 2019. Our existing free-trade agreements (FTAs) with the RCEP countries already provide high levels of goods market access, and the larger commercial gains are therefore in services and investment, progress on non-tariff barriers, and the benefits of a single rule book covering 15 countries. RCEP will therefore establish a consistent framework and a single set of services for the entire RCEP region. This will improve regulatory certainty and transparency for New Zealand service suppliers across the RCEP region as a whole and give them greater confidence to enter the markets.