Trade Minister Simon Birmingham and Prime Minister Scott Morrison.Credit:AAP
Trade Minister Simon Birmingham said the TPP-11 was a"major win"for Australian producers and businesses,who will have boosted access to Canadian,Japanese,Mexican,Singaporean and New Zealand markets from December 30. It will come into force for Vietnam on January 19,with Brunei,Chile,Malaysia and Peru following after they ratify the agreement.
“Australia has an international reputation for its premium and high-quality produce and now it will be enjoyed by more people around the world,"said Senator Birmingham. "The opportunities are vast,from more Victorian wine and cheese being enjoyed on the slopes of Whistler,to more NSW prime beef being served up in Japan’s world-class restaurants.”
The member nations of the the TPP-11 have a combined GDP of $13.7 trillion. The agreement will eliminate 98 per cent of tariffs in the new trade zone.
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After tense internal deliberations and staunch trade union hostility to the TPP-11,Labor cleared the way for Australian ratification of the deal late this year. Dealing with the ongoing fallout of the decision,Labor has committed to tightening up any future trade deals and seeking improvements to the TPP-11 via side deals with signatories.
A Labor government would tighten up labour market requirements,prevent agreements that contain investor-state dispute settlement provisions,and introduce increased transparency and consultation in trade deal negotiations and a tougher national interest test.
Senator Birmingham pointed to Opposition Leader Bill Shorten's comment that the TPP was"dead in the water"after the US withdrawal,adding it was"hard to believe Labor would have walked away"from an opportunity to boost trade opportunities.