Today’s signing of the TPP-11 delivers extra outcomes for Australian exporters that will help create new Australian jobs. Australian beef will benefit from further tariff cuts in a new bilateral agreement the Turnbull Coalition Government secured with Canada through a side letter.
Canada will eliminate its 26.5 per cent tariff on Australian beef imports over five years, instead of the 10 years agreed under the original TPP deal.
This will help sell more Australian beef to Canada, already our eighth largest beef export destination in 2017.
Today’s additional outcome adds to the already strong beef export opportunities created under TPP-11. This includes Mexico’s agreement to eliminate all beef tariffs (over ten years), and Japan’s agreement to accelerate the reduction of its 38.5 per cent tariff on our beef exports to 9 per cent (within 15 years), building upon our existing access to the Japanese market under the Japan- Australia Economic Partnership Agreement (JAEPA).
Another key side letter outcome for Australia is Japan’s tendering process for rice. Japan will now offer tenders six times a year, including an additional tender in May, in line with Australia’s growing season. This bilateral agreement will provide improved trading conditions, helping grow Australian rice exports to Japan.
Australia’s education services providers will have increased access to the booming Vietnamese market through a pilot program that will enable Australian universities to provide online courses to Vietnamese students.
These additional outcomes build upon the export opportunities created by the TPP-11.
The agreement will eliminate more than 98 per cent of tariffs in a trade zone with a GDP of $13.7 trillion that spans the Americas and Asia.
As tariffs tumble, the TPP-11 will drive demand for Australia goods and services, helping create new Australian jobs.
More jobs, higher incomes, lower prices and more choice for consumers – just some of the reasons Australia should back the revived TPP. Here’s more reasons why Australia should support a revived TPP.
Source and image credit: Export Council of Australia