12. Trade Agreements—Protection of the Rights of New ZealandersWILLOW-JEAN PRIME (Labour) to the Minister for Trade and Export GrowthTrade Agreements—Protection of the Rights of New Zealanders12. WILLOW-JEAN PRIME (Labour) to the Minister for Trade and Export Growth: How has the Government protected the rights of New Zealanders in international trade negotiations?Mr SPEAKER: Sorry which member made that noise? Which member made that noise? It was sort of a guffaw-type noise. Well a member on my left made it.Hon Dr Nick Smith: I might have made a noise.Mr SPEAKER: Right well that's another—Hon Simon Bridges: Point of order. Mr SPEAKER: Sorry?Hon Simon Bridges: Point of order.Mr SPEAKER: Well let me rule first and then you might want to take your point of order. That is another question from the National Party and I must say given the time that was taken for the member to own up I was tempted to make it a more serious punishment. Is there a further point of order?Hon Simon Bridges: I raise a point of order Mr Speaker. I suppose the issue is Mr Speaker that one man's guffaw" may simply be an "ahem" and it's very difficult to know who had caused that. We do know—Mr SPEAKER: No the member will resume his seat. I've pleaded guilty to being slightly deaf in my left ear and if it was a quiet "ahem" I wouldn't have heard it.Hon David Parker: I raise a point of order Mr Speaker. Given the time delay because of that point of order for listeners it would be helpful I suggest for the question to be asked again.Mr SPEAKER: Oh I think people can stay with it. I am sure the member could include it in his answer. He is nimble enough to get the facts in. Hon DAVID PARKER (Minister for Trade and Export Growth): The new Government believes that if you've got the right to live in New Zealand you've got the right to buy a home here. Overseas wealthy people should not be able to outbid New Zealanders for our homes. The new Government will be bringing legislation before this House to ban foreign buyers of existing New Zealand homes. If done swiftly our ban on foreign house buyers is fully compatible with the Korean free-trade agreement the China free-trade agreement and the renegotiated—Hon Simon Bridges: I raise a point of order Mr Speaker. I think you've rightly pulled people up on the length of their answers today—and some of the questions in fact. This is turning into a speech I would suggest. Mr SPEAKER: I think it's an enthusiastic reply but I think the Minister might just have at long last got to answering the question. Hon DAVID PARKER: Thank you Mr Speaker. If done swiftly our ban on foreign buyers is fully compatible with the Korean free-trade agreement the China free-trade agreement and the renegotiated Comprehensive and Progressive Trans-Pacific Partnership (CPTPP). New Zealanders were at risk of losing that right to ban foreign buyers under the process that the last Government had set forth. Willow-Jean Prime: What gains has he made for New Zealanders on the CPTPP?Hon DAVID PARKER: The new Government has worked hard to improve the agreement whilst protecting access to several important markets including the third-largest economy in the world Japan. Although we didn't get everything we want we have not just protected the land issue; we have also made gains on investor-State dispute settlement (ISDS) clauses and the protection of Pharmac from increased costs of medicines and it shows what a good Government can do in just three weeks if they work hard.Willow-Jean Prime: Has he seen any reports that it is not possible to ban the sale of existing homes to foreigners because of existing free-trade agreements? Hon DAVID PARKER: Yes I have. I have seen for example the report that says a ban on foreign buyers would rip up trade deals and cost thousands of jobs that New Zealand relies upon would cut across a range of existing free-trade agreements like those with Australia and Korea and would cause difficulty with China. This has proven to be wholly incorrect. Of course those comments came from the National Party and were wrong. Hon Todd McClay: Can the Minister tell the House when the Prime Minister has claimed to have made significant changes over just three weeks to a 5000-page agreement—the TPP—with just two pages of amendments how many of these changes were discussed or agreed by officials or Ministers in the six TPP meetings held in Chile Australia Japan Canada and Vietnam since March of this year? Hon DAVID PARKER: The Minister—sorry—the member and former Minister is wrong that there are just two pages of amendments. It is true that some of the amendments to the CPTPP were negotiated by officials and Ministers including that Minister before the recent round. It is also true that it is the efforts of this Government that have further narrowed the effect of ISDS clauses including further bilateral agreements with other countries the total effect of which is that of the foreign direct investment coming into New Zealand from Trans-Pacific Partnership 11 countries more than 80 percent of that foreign direct investment is no longer covered by ISDS clauses. Mr SPEAKER: Before I call the member I am granting the National Party a further supplementary question because of an interjection from Tracey Martin during the last one.Hon Todd McClay: Did the Minister inform the Prime Minister when she claimed that the rebranded Trans-Pacific Partnership (TPP) agreement was better because 80 percent of foreign direct investment into New Zealand was now not covered by ISDS because of a side letter agreed last week with Australia that in fact we already have a side letter with Australia signed in 2016 that exempts all Australian investment from ISDS under TPP?Hon DAVID PARKER: The member is referring to the side letter in respect of the former TPP agreement not the current one. I am advised that a new side agreement was required because this is a new and better agreement. Secondly other side letters have been sought with a range of other countries and they are in play and it is something that the gormless former Government didn't even try to achieve.Hon Todd McClay: I seek leave to table copies of the side letters exchanged between New Zealand and Australia signed in Auckland on 4 February 2016 exempting ISDS under TPP between our two countries—in case the Minister needs to copy them for the rebranded agreement.Mr SPEAKER: Is there any objection? There appears to be none. They may be tabled.Documents by leave laid on the Table of the House.Mr SPEAKER: That concludes—Hon Todd McClay: Are there more supplementaries? You gave one back to us.Mr SPEAKER: No I'm informed that the one you just had was your last one."