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New TPP great for business, huge for the environment ..

Updated: Mar 9, 2018





The Trans-Pacific Partnership trade pact (TPP Agreement), which had been on life support since Trump's withdrawal, being trumpeted as a jobs boom for Australia, now signed, it includes huge environmental protection strategies.


The 11 Pacific-rim countries have signed a tweaked agreement on March 8 2018 in Chile. Australia’s Prime Minister, Malcolm Turnbull, said on Wednesday it was a "big deal" for the Australian economy. "It will mean billions of additional exports and thousands of additional jobs," he said in Brisbane.


Mr Turnbull flagged he would encourage US President Donald Trump to change his mind when he visits Washington DC in coming months, but acknowledged that it’s unlikely in the short term. "The way the agreement is structured is so the US can dock back in," he said.


Originally, Canada threw a spanner in the works at an APEC leaders summit in Vietnam last year, derailing efforts to finalise the deal. But Ottawa has since been coaxed back to the fold following lobbying efforts by Tokyo and Canberra.


Speaking at the World Economic Forum in Davos, Switzerland overnight, Canadian Prime Minister Justin Trudeau called the agreement the "right deal".


It now includes an improved arrangement on autos with Japan and the suspension of certain intellectual property provisions, Canada's trade minister said in a statement.



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Australia’s Trade Minister Steve Ciobo says the overall deal will eliminate 98 per cent of tariffs in an 11-nation marketplace worth close to $14 trillion. "It hasn't been easy, but we're finally at the finish line and Aussie businesses will be the big winners," he told AAP.


Australian exporters will benefit from new trade agreements with Canada and Mexico and greater market access to Japan, Chile, Singapore, Malaysia, Vietnam and Brunei. There's also a better deal for cheese and beef exports into Japan and new quotas for rice and wheat. Sugar producers will also have better access to markets in Japan, Canada and Mexico. Australia’s Treasurer Scott Morrison says Mr Ciobo and the prime minister had been like a "dog with a bone" securing the deal against indifference from the Labour party.


The TPP Agreement was negotiated between Mr Turnbull and Japanese PM Shinzō Abe in Japan and finalised at a meeting of trade officials in Tokyo overnight. Other countries such as Indonesia, Thailand and South Korea may wish to join up once the pact is in force.



(Additional reporting by Lisa Martin, Australian Associated Press)


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