TPP-11 kicks-off, delivering benefits for Aussie farmers and businesses

30 December 2018

Australianfarmers, businesses and investors will now benefit from new trade andinvestment opportunities with the Trans- Pacific Partnership (TPP-11) Agreementstarting today.

Fromtoday, Australian exporters will get immediate tariff reductions and betteraccess in new markets across the Americas and Asia, with further tariffreductions also set to take place on 1 January2019.

It is oneof the most comprehensive and ambitious trade agreements ever concluded andwill eliminate more than 98 per cent of tariffs in a trade zone worth $13.8trillion in GDP and a market of around 500 million consumers.

Independentmodelling shows Australia is forecast to see $15.6 billion in net annualbenefits to national income by 2030 from the TPP-11.

The TPP-11is Australia's first trade agreement with Canada and Mexico, and Australianexporters and investors will benefit from new opportunities in those twomarkets, as well as improved opportunities in other key international marketsincluding Japan.

It willeliminate or substantially lower tariffs on many of Australia's key goodsexports including wine, beef, dairy, wheat, sugar, and manufactured goods suchas leather products, paper and medical equipment.

TheTPP-11 builds on the success our government has had in opening up new exportpathways for Australian businesses. New trade deals have also come into effectwith China, Japan and South Korea under our Liberal-National Government.

Importantly, these deals are yielding resultswith Australia having recorded trade surpluses for 21 of the last 24 months,reversing a long running trend of monthly trade deficits.

It's hardto believe Labor would have walked away when the US walked out on the TPPrather than staying and getting the best possible deal for our farmers andbusinesses.

What's evenmore concerning is that during their national conference earlier this month,Bill Shorten and Labor endorsed a trade policy that in bowing to union demandswould make it next to impossible for a Labor Government to secure more exportopportunities for Australia's farmers and businesses.

Only the Liberal-National Government can be trusted to deliver tradeagreements that open new markets for Australian exporters, create certainty forAustralian businesses, strengthen our economy and create more jobs.

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