Australian farmers, businesses and investors will get access to new markets across the Americas and Asia, with the Trans-Pacific Partnership (TPP-11) Agreement passing Parliament on October 17.
The Agreement means more market access for Australian farmers, greater opportunities for businesses, more jobs and increased investment for the country.
This landmark agreement is one of the most comprehensive trade deals ever concluded and strips 98 per cent of tariffs for 11 countries with a combined GDP of more than $13.8 trillion and close to 500 million consumers.
Independent modeling shows Australia is forecast to see $15.6 billion in net annual benefits to national income by 2030 from the TPP-11.
The TPP-11 offers significant advantages for Australian exporters including accelerated reductions in Japan’s tariffs on Australian beef, greater quota volumes for wheat and barley, new access for dairy products and clear investment regimes for mining and resources.
The Government will continue to pursue a trade agenda that opens new markets for Australian businesses and creates certainty for exporters.
The TPP-11 will enter into force 60 days after six countries have ratified the Agreement. So far, Mexico, Japan and Singapore have completed their domestic processes.
Original source: DAFT
Published on 17 October 2018
