New export opportunities that will drive south east Queensland jobs will be created following the signing of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (TPP-11).
Federal Member for Forde Bert van Manen MP said the agreement was one of the most comprehensive trade deals concluded and would eliminate more than 98 per cent of tariffs in a trade zone worth $13.7 trillion.
“Local manufacturing companies, small business and service providers are the big winners in Forde as they will be able to sell more of their goods and services in a free trade area that spans the Americas and Asia,” Mr van Manen said.
“The Turnbull Coalition Government took a leadership role to deliver the TPP-11 because it will drive demand for local goods and services, particularly for manufacturing products in our Forde’s business districts.
“The more local products and services sold to the world, the more local jobs created and a great example of this is Teys Australia based in Beenleigh who do significant export trade of beef products.”
The TPP-11 creates Australia’s first free trade agreements with Canada and Mexico, giving Australia’s 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,” Mr van Manen said.
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;
- new sugar access into the Japanese, Canadian and Mexican markets;
- 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;
- elimination of all tariffs on sheep meat, cotton and wool;
- elimination of tariffs on seafood, horticulture and wine; and
- elimination of all tariffs on industrial products (manufactured goods)
Mr van Manen 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 for businesses and more jobs for people in my electorate of Forde.”
“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.”