New export opportunities, that will drive southern Gold Coast jobs, will be created following the signing of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (TPP-11).
Member for McPherson, Karen Andrews, 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.
“Southern Gold Coast manufacturers, service providers, small businesses and exporters are the big winners as they will be able to sell more of their goods and services in a free trade area that spans the Americas and Asia,” she said.
“The Turnbull Coalition Government took a leadership role to deliver the TPP-11 because it will drive demand for southern Gold Coast goods and services.
“The more southern Gold Coast 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 southern Gold Coast 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 Mrs Andrews.
Highlights of the TPP-11 include:
• elimination of all tariffs on industrial products (manufactured goods).
• guaranteed levels of access for services
• liberalised and improved regulatory regimes for investment, notably in mining/resources, telecommunications and financial services
Mrs Andrews said TPP-11 builds on the recent trade agreements the Coalition has delivered with the signing of the Peru-Australia Free Trade Agreement, and previously delivered with China, Japan and Korea.
“The Turnbull Government is pursuing an ambitious trade agenda and trade agreements like the TPP-11 will mean more growth and more jobs for southern Gold Coast businesses.”