Australia became the sixth country to ratify the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (TPP-11) on 31 October, opening the door to improved international market access for a range of Australian producers and businesses.
TPP-11 is a new treaty that incorporates most of the provisions of the original Trans-Pacific Partnership Agreement, which was signed in 2016 but did not come into force.
TPP-11 reaffirms the participating countries’ commitment to maintaining open markets, increasing world trade, and creating new economic opportunities for people of all incomes and economic backgrounds.
The treaty was signed in Chile in March this year by 11 countries – Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.
Since then, each participating country has been going through the domestic processes required to ratify the treaty.
Announcing the ratification, the Australian Government said that the treaty would come into force on 30 December this year.
The Department of Foreign Affairs and Trade (DFAT) says key benefits to Australian exporters will include:
- new reductions in Japan’s tariffs on fresh, chilled and frozen beef
- new access for dairy products into Japan, Canada and Mexico, including the elimination of cheese tariffs into Japan
- new sugar access into the Japanese, Canadian and Mexican markets
- tariff reductions and new access for cereals and grains into Japan, including rice
- elimination of all tariffs on sheep meat, cotton and wool
- elimination of tariffs on seafood, horticulture and wine
- elimination of all tariffs on industrial products (manufactured goods).
Queensland agricultural exporters are likely to be among those to benefit from the new agreement.
More information on TPP-11 outcomes can be found on the DFAT website.
If you would like advice or support to take advantage of Australia’s free trade agreements to export your product, contact TIQ.