As a result of the TPP, tariffs on beef exports to Japan will reduce from 38.5% to 9%. Tariffs on beef exports to other TPP countries - including the United States, New Zealand's largest beef market - will be eliminated.
Based on current trade flows, it is estimated the TPP will deliver $72million in tariff savings per year for the beef and sheepmeat sector once fully implemented.
Tariff savings will come almost entirely from New Zealand's new FTA partners, the United States, Japan, Canada, Mexico and Peru.
TPP will eliminate tariffs on 93% of New Zealand's exports to those five countries, once fully phased in.
The meat industry exports close to 90% of production to about 120 countries.
Last year, New Zealand exports of beef, sheepmeat and co-products to TPP countries totalled $2.4billion - more than a third of the country's exports to the world.
The sector's exports were charged a total of $94.3million in tariff costs, with $77.4million incurred on exports to Japan.
Meat Industry Association chief executive Tim Ritchie said remaining competitive in the global market place and improving the ability to capitalise on opportunities into more markets was absolutely critical to the industry's profitability.
Trade deals were the key.
''We don't have trade deals with Japan, Canada, the US, Mexico or Peru. Japan, Canada and the US are not only some of the most protected agricultural economies but also some of the most valuable markets for New Zealand beef and sheepmeat.''
Mexico and Peru were not currently major markets of the meat industry but they had potential as important export destinations and the TPP would help the industry to further diversify its mix of export markets, he said.
The TPP would open up those markets and see the removal of tariff costs for all beef and sheepmeat products, with the exception of Japan.
The US was New Zealand's top market for beef by both volume and value, earning $1.57billion in the year ended June 2015. Current trade was under a quota system, attracting US4.4c a kilogram tariff - eliminated at entry when the TPP came into force.
''While the outcome for Japan is not ideal, if the TPP is implemented quickly, it will achieve a level playing field with Australia by removing the tariff advantage Australian beef currently enjoys under the Australia-Japan FTA. This will be a significant and important price for the sector.''
Beef and Lamb chief executive Scott Champion said New Zealand's sheep and beef sector exports to Japan would benefit. While beef tariffs would not be eliminated, they would be lowered significantly. Japan took $164million of beef exports in 2014, incurring $63million in tariffs.
''The Japanese market has been our major focus in the TPP, especially as the competitive position of our beef exports in Japan has been negatively affected by the recent Australian-Japan FTA.
''Provided the ratification process is completed quickly, the TPP agreement will ensure New Zealand gets back on to a level playing field with its Australian competition in the Japanese market,'' he said.
At a glance
• TPP likely to deliver $72million in tariff savings for the sheep and beef industry
• Japanese tariffs not completely eliminated but are substantially reduced
• Level playing field with Australian beef exports
• Meat industry looking to expand into Mexico and Peru
