Philip Morris Offers Comment Following New Zealand's Standardized Packaging News
Philip Morris International Inc.'s (PMI) (NYSE: PM) issued the following statement today regarding the New Zealand government's announcement that it will wait to implement standardized or “plain” packaging for tobacco products until the international legal challenges pending regarding Australia's law are decided:
"In her official statement earlier today announcing New Zealand's plans regarding standardized packaging, Health Minister Tariana Turia said, ‘the Government will wait and see what happens with Australia's legal cases, making it a possibility that if necessary, enactment of New Zealand legislation and/or regulations could be delayed pending those outcomes.'
This announcement demonstrates that the New Zealand government recognizes the significant international trade issues with standardized packaging and will not implement it until the pending international legal challenges to Australia's law are resolved. There is no credible evidence that standardized packaging will lower smoking rates, but strong evidence that it will jeopardize jobs, benefit the black market for cigarettes, and is a breach of international trade rules that have already made Australia's policy subject to WTO action.”
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