Legislation associated with one of the most comprehensive trade deals ever concluded providing exporters, including those in western NSW, with access to new markets across the Americas and Asia, has passed Parliament this week.
Assistant Minister for Trade, Tourism and Investment and Member for Parkes Mark Coulton said the Trans-Pacific Partnership (TPP-11) Agreement will create new opportunities for exporters and businesses and is a win for farming.
“I’m pleased the TPP-11 Agreement will develop new pathways and greater access to new markets as well as the ability for businesses to expand and strengthen their supply chains,” Mr Coulton said.
“I expect this agreement will not only help businesses to grow into overseas markets, but will also boost the local economy and create more local job opportunities.
“As a regional free trade agreement, the TPP-11 has additional benefits. The combined effect of new market access and common rules will make it easier for Australian businesses, exporters and consumers to participate in regional value chains.
“Along with Minister for Trade, Tourism and Investment Simon Birmingham, I will continue to pursue a trade agenda that opens new markets for Australian businesses.”
Minister Birmingham said the 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.
“The Agreement means more market access for our farmers, greater opportunities for our businesses, more jobs and increased investment for Australia,” Minister Birmingham said.
“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.
“This landmark agreement forms part of the Government’s ambitious trade agenda that aims to support business to grow and create more jobs for Australians.”