New export opportunities, that will drive Northern Territory jobs, will be created following the signing of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (TPP-11).
Country Liberals Senator for the Northern Territory, Nigel Scullion, said the agreement is one of the most comprehensive trade deals concluded and will eliminate more than 98 per cent of tariffs in a trade zone worth $13.7 trillion.
“Territory farmers and the seafood industry are the big winners as they will be able to sell more of their goods in a free trade area that spans the Americas and Asia,” Senator Scullion said.
“The Coalition Government delivered the TPP-11 because it will drive demand for Australian produce, including from the Northern Territory.
“The more Territory products and services sold to the world, the more local jobs created.”
The TPP-11 creates Australia’s first free trade agreements with Canada and Mexico, giving Northern Territory 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,” said Senator Scullion.
Highlights of the TPP-11 include:
- new reductions in Japan’s tariffs on beef, (Australian exports worth $2 billion in 2016-17);
- elimination of tariffs on seafood, horticulture and wine;
- elimination of all tariffs on industrial products (manufactured goods);
- guaranteed levels of access for services; and
- liberalised and improved regulatory regimes for investment, notably in mining/resources, telecommunications and financial services.
Senator Scullion 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 Coalition Government is pursuing an ambitious trade agenda and trade agreements like TPP-11 will mean more growth and more jobs for Northern Territory businesses.”
“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 and denied Territory farmers and consumers the big wins TPP-11 delivers.”