The Coalition Government has successfully concluded negotiations on the biggest global trade deal in twenty years – the historic Trans-Pacific Partnership Agreement (TPP).
Federal Member for Pearce, Christian Porter, said that the TPP will deliver enormous benefits, including unprecedented new opportunities in the rapidly growing Asia Pacific region, for businesses, farmers, manufacturers and service providers in Pearce.
“The TPP will establish a more seamless trade and investment environment across 12 countries which represent around 40 per cent of global GDP,” he said.
“In 2014, one third of Australia’s total goods and services exports – worth $109 billion – went to TPP countries.
“The TPP will enhance our competitiveness and promote growth, job creation and higher living standards.”
Mr Porter said that the TPP will bring tangible benefits to the Pearce community.
“The TPP will break down barriers to Australian goods exports, services and investment and eliminate 98 per cent of all tariffs across everything from beef, dairy, wine, sugar, rice, horticulture and seafood through to manufactured goods, resources and energy,” he said.
“I am incredibly pleased with the conclusion of the TPP as I know the immense benefits this agreement will bring to the many farmers and wine makers across Pearce.
“In addition to benefiting our agricultural sector, this agreement will also deliver important outcomes for businesses, manufacturers and service providers in our community – allowing them to compete on a more equal footing in TPP markets.”
Australian investment in TPP countries has more than doubled in the last decade to reach $868billion in 2014, a rise of 16 per cent from the previous year, and represents 45 per cent of all outward investment.
Investment in Australia from TPP countries more than doubled in the last decade to reach $1.1trillion in 2014, a rise of 10 per cent from the previous year. Investment from TPP countries represents 40 per cent of all foreign investment in Australia.
“Conclusion of the TPP negotiations is the first concrete step towards realising the long-term vision of a Free Trade Area of the Asia Pacific,” Mr Porter said.
“Combined with our landmark trade deals with Korea, Japan and China, the TPP forms part of the Coalition Government’s microeconomic reform strategy to support the diversification of our economy in this critical post-mining boom phase.”