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Prime Mover Magazine


Agreement reached to deliver more Australian jobs

The Federal Government has reported that 11 countries have agreed on the final comprehensive and progressive agreement for Trans-Pacific Partnership (TPP) at an officials-level meeting in Tokyo, Japan.

The countries in the deal include Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.

“This is a landmark deal for trade in our region,” said Australian Minister for Trade, Tourism and Investment, Steven Ciobo.

“Australian businesses and farmers will now have more opportunities to export their food, fibre and services to more customers, more easily.

“More trade means more export opportunities for local businesses, and more Australian jobs,” he said.

It is reportedly expected by the Federal Government that the agreement will be signed in March in Chile.

“This is a multi-billion-dollar win for Australian jobs,” said Ciobo. “Australian workers, businesses, farmers and consumers will benefit.”

The Government said it took a leadership role and worked hard to deliver the TPP because it will generate more Australian exports and create new Australian jobs.

The TPP will reportedly eliminate more than 98 per cent of tariffs in a trade zone with a combined GDP of $13.7 trillion. The agreement will deliver 18 new free trade agreements between the TPP parties. For Australia that means new trade agreements with Canada and Mexico and greater market access to Japan, Chile, Singapore, Malaysia, Vietnam and Brunei.

In 2016-17, nearly one quarter of Australia’s total exports, worth nearly $88 billion, went to TPP countries. This is expected to grow due to the significant increase in market access the TPP will provide Australian exporters.

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