Recognising the benefits of the TPP-11
The Morrison Government welcomesnew analysis confirming the real benefits of the Trans-Pacific Partnership(TPP-11) to Australian businesses and the overall economy.
Newmodelling undertaken by economists from Brandeis International Business School and Johns HopkinsUniversity shows Australia is forecast to see $15.6 billion innet annual benefits to national income by 2030 and increases in exports of$29.9 billion.
The analysis also forecastssignificant boosts to investment by 2030, with investment into Australiaprojected to increase $7.8 billion and additional overseas investment byAustralian businesses increasing by $26 billion.
It'sexpected the TPP-11 will provide greater market access and export potential toAustralian businesses and exporters in industries including farming, mining andmanufacturing.
Tosecure and grow our national prosperity Australian producers and exporters mustbe able to access the new market access opportunities that the TPP-11 willprovide.
Moreexport opportunities for Australian businesses contributes to a strongereconomy and creates more Australian jobs.
That'swhy it is important that Australia ratify the TPP-11 as soon as possible sothat we can lock in the forecast benefits and avoid being at any competitivedisadvantage.
Eventhough Bill Shorten was previously willing to give up on even trying to securethese benefits for Australia it is now important that the Labor Party backsAustralian businesses and Australian jobs by supporting the passage of theTPP-11 legislation through the Parliament.
TheTPP-11 legislation is expected to be debated in the House of Representatives inthe next sitting week.