The Trans-Pacific Partnership Agreement (TPP) has great potential to boost agricultural markets and drive job creation and growth across the central west, according to Member for Parkes Mark Coulton.
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After eight years of negotiations, the final TPP was signed between 12 different countries, making up 40 per cent of the world's economy.
The final agreement was signed by Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, United States, Vietnam and Australia.
The TPP is set to eliminate 98 per cent of all tariffs across everything from beef, dairy, wine, sugar, rice, horticulture and seafood, therefore removing import taxes on about $9 billion of Australian trade.
Member for Parkes Mark Coulton said the removal of tariffs would create a level playing field for Australian producers.
"Australia will be competing on a level playing field," he said.
"We'll have an advantage over other countries who aren't involved in the TPP."
Mr Coulton said by opening new trade and investment opportunities for Australia, primary production across rural and regional NSW would increase.
"This increase will in turn create jobs in those industries associated with exports and provide a much needed economic boost for many communities across my electorate," he said.
Orana Regional Development Australia chief executive officer Felicity Taylor-Edwards said she would be looking at the regional focus within the state to see things enhance the region.
"The opportunity for access across equal markets is a good thing," she said.
Ms Taylor-Edwards said Orana RDA would be working with government and industry businesses.
When speaking to Fairfax Media last week, HSBC Australia chief executive Tony Cripps said the changes to tariffs and partnerships could add as much as $3.7 billion, or 19 per cent, to Australian agriculture by 2015.
"As the world's largest regional trade agreement, capturing 40 per cent of global GDP [gross domestic product], the TPP can transform Australia's trade by providing businesses with freer market access and new trade and investment corridors," he said.
"The countries that make up the TPP account for more than one-third of Australia's total trade today. Looking ahead, we believe the TPP will usher in a new era of trade growth for Australia linked to innovative global value chains, agriculture and high-value services."
