Australia signs TPP-11 trade deal

In Chile, the world’s largest ever regional trade agreement, TPP-11, has been signed by Australia yesterday, allowing Australian producers to have new and better access to global markets. The agreement will eliminate more than 98 percent of tariffs in the free trade area.

The TPP-11 countries include Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam, creating a regional free trade area that links the Americas and Asia. These new markets include a combined gross domestic product of $13.7 trillion and include 3 of Australia’s top 10 agricultural trade markets; Japan, Vietnam and New Zealand.

The signing of the trade deal would also provide preferential access for more than $5.5 billion of Australia’s dutiable agricultural exports.

Minister for Agriculture and Water Resources, David Littleproud, said the trade deal would have an immediate benefit for exporters and create brand new opportunities into two new markets – Canada and Mexico.

Farmingahead.com quoted the Minister as saying: “This trade agreement will create huge opportunities for our beef, sheep, dairy, sugar, wool, wine and horticulture producers in current and new markets. Australia is seeking to regain access into Japan for blueberries and improve market access for other horticulture commodities, including mangoes.”