APEC a chance to revive TPP

Trade minister Steven Ciobo believes the Asia-Pacific Economic Cooperation meeting in Da Nang, Vietnam, can revitalise the Trans-Pacific Partnership.

The TPP appeared for the scrap-heap when the new Trump administration withdrew the USA from the deal earlier in the year.

But in recent months, there have been efforts to conclude a deal without the world’s largest economy – a so-called ‘TPP-11’.

“I also look forward to meeting ministers from Trans-Pacific Partnership (TPP) countries to work on bringing the TPP-11 into force as quickly as possible,” Mr Ciobo said.

“Bringing the TPP-11 into force would give Australian businesses improved access to a trade zone with a combined GDP of $12.4 trillion. It would also further integrate the Australian economy into the fast-growing Asia-Pacific region.”

Mr Ciobo said he would continue to advocate Australia’s commitment to economic openness and encourage further trade liberalisation.

“APEC accounts for almost half of global trade and 60% of world GDP. It plays an important role in promoting open trade and investment,” he said.

“Australia’s participation in APEC strengthens our economic relationships and enhances export opportunities, economic growth and job creation for the Australian economy.”