Why Australia should support a revived Trans-Pacific Partnership

The Minerals Council of Australia has joined nine other national industry groups to support the Trans-Pacific Partnership (TPP), a regional trade agreement which will create new economic opportunities for Australia.

Ten industry bodies representing businesses across key sectors of the Australian economy today issued a policy brief setting out the reasons why Australia should support the TPP.

The TPP was signed last week by trade ministers from the 11 member countries. It will be considered by Federal Parliament in coming months.

The policy brief points out that the benefits from the TPP will be substantial, with modelling showing it will boost the value of Australian exports by $30 billion and increase real GDP by $18 billion a year.

The brief details how the TPP will improve the ability of Australian businesses to export to countries across the Asia-Pacific, including Japan, Malaysia, Vietnam, Singapore, Canada, Mexico, Peru and Chile.

The agreement will eliminate tariffs on hundreds of Australian goods, from beef, wheat, dairy, seafood, wine and horticultural goods, to iron ore, copper, nickel and refined petroleum, to manufactured products like machinery, electrical equipment, paper, automotive components and locally-built ships.

The TPP will also improve opportunities for Australian services exports including financial services, professional and business services, education, health, tourism and mining and oilfield services.

From the minerals sector’s perspective, the TPP will create new opportunities for Australian mining and mining services exports in the Asia-Pacific – opportunities which will benefit all Australians by supporting jobs, living standards and economic growth.  

The policy brief also notes that the TPP is a high-quality, progressive trade agreement. It includes protections for Australian public policy in areas like healthcare, affordable medicines and the environment and enforceable labour standards, which will benefit workers in developing countries.

Finally, the brief points out that implementing the TPP will promote Australia’s strategic interests by advancing regional economic integration and foreign policy cooperation in the Asia-Pacific and by sending a strong statement of support for free trade and open markets.

Today’s policy brief has been endorsed by 10 industry bodies representing Australia’s agriculture, resources and energy, manufacturing, food processing and wine-making, financial services, and logistics, exporting and trade facilitation sectors.

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