Revived Trans-Pacific Partnership offers hope to Australian exporters

By Addie Thomes

After months of stalling and almost a decade of negotiating, the Trans-Pacific Partnership (TPP) now looks set to go ahead without the USA, opening up trading opportunities to 11 participating countries.

The final deal is set to be signed on 8 March in Chile after Canada came back on board, this having derailed efforts at a summit in Vietnam last year. New Zealand will also be a signatory to the agreement.

In addition to providing new access to major markets such as Canada and Mexico, the TPP also has a number of provisions that make tangible improvements to doing business between TPP members, such as making it easier for goods and data to flow.

RELATED STORIES:

Heath Baker, Head of Policy at the Export Council of Australia, said: “Bilateral agreements are good, but when it comes to trade agreements, bigger is better. More countries involved means that it’s easier for Australian exporters to be eligible for lower tariffs, even when exporting to countries with which we already have an FTA.”

“Australian exporters have gone through two years of uncertainty about if and when this deal is going to happen. We call on the government and opposition to demonstrate Australia’s longstanding bipartisan consensus on free trade, and—once the agreement is signed—ensure it goes through parliamentary processes smoothly.”

The 10 other TPP countries (New Zealand, Japan, Canada, Chile, Vietnam, Mexico, Singapore, Brunei, Malaysia and Peru) account for almost 25% of Australia’s exports, and the agreement is expected to remove tariffs worth around US$14trn.  

Share

Featured Articles

Hybrid live event shaping the future of Sustainability & ESG

Sustainability LIVE London returns for a two-day, multi-track conference programme featuring inspirational ESG speakers, debates and discussions

Nine must-attend sustainability events for business leaders

From London to Abu Dhabi, Singapore to San Diego, these sustainability-focused events are designed to help business leaders action their ESG goals

Daniel Weise of BCG on new supply chain and procurement book

Daniel Weise, global leader of Boston Consulting Group’s procurement business line, on the timely publication of his new book, Profit From The Source

Attract and retain talent with flexible working and benefits

Human Capital

Nurturing the next generation of women leaders in Africa

Leadership & Strategy

5 Mins With: Cybersecurity expert Ariel Parnes of Mitiga

Technology