09 March 2018

TPP-11 delivers new export opportunities for Corangamite

New export opportunities that will drive jobs across Corangamite will be created following the signing of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (TPP-11).

Member for Coranagamite Sarah Henderson said this agreement is one of the most comprehensive trade deals concluded and will eliminate more than 98 per cent of tariffs in a trade zone worth $13.7 trillion.

“Our local dairy farmers are the big winners as they will be able to sell more of their goods in a free trade area which spans the Americas and Asia,” Ms Henderson said.

“The Turnbull Coalition Government took a leadership role to deliver the TPP-11 because it will drive demand for goods and services across the nation including in the Corangamite electorate.”

For the first time, Deakin University will have legally guaranteed access to Brunei Darussalam, Japan, Malaysia and Mexico and will be able to supply online courses across the region.

“The more products and services derived from Corangamite which are sold to the world, the more local jobs created. Lamb meat production, wine growers and manufacturers will get even greater access to markets in TPP-11 partner nations.”

The TPP-11 creates Australia’s first free trade agreements with Canada and Mexico, giving Corangamite exporters preferential access to two of the world’s top 20 economies.

In 2016-17, nearly one quarter of Australia’s total exports, worth nearly $88 billion, went to TPP-11 countries.

“This will continue to grow as tariffs tumble under the TPP-11,” said Ms Henderson.

Highlights of the TPP-11 include:
• new reductions in Japan’s tariffs on beef, (Australian exports worth AUD2 billion in 2016-17);
• new access for dairy products into Japan, Canada and Mexico, including the elimination of a range of cheese tariffs into Japan covering over AUD100 million of trade;
• tariff reductions, and new access for our cereals and grains exporters into Japan, including, for the first time in 20 years, new access for rice products into Japan;
• new sugar access into the Japanese, Canadian and Mexican markets;
• elimination of all tariffs on sheepmeat, cotton and wool;
• elimination of tariffs on seafood, horticulture and wine;
• elimination of all tariffs on industrial products (manufactured goods);
• guaranteed levels of access for services and
• liberalised and improved regulatory regimes for investment, notably in mining/resources, telecommunications and financial services.

Ms Henderson said TPP-11 builds on the recent trade agreement the Coalition has delivered with the signing of the Peru-Australia Free Trade Agreement, and previously delivered with China, Japan and Korea.

“The Turnbull Government is pursuing an ambitious trade agenda and trade agreements like the TPP-11 will mean more growth and more jobs for Coranagmite businesses.”

“Labor and Bill Shorten declared this trade agreement dead – they urged the Government to walk away. If Labor got their way, Bill Shorten would have shut Australia out of this historic agreement and denied farmers, manufacturers, services providers and consumers the big wins the TPP delivers.”

9 March 2018