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TPP offers confidence and certainty

“The announcement by the Trade Minister, Steven Ciobo, that the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (formally the Transpacific Partnership) will be signed in March, largely unchanged, will give Australian businesses greater confidence as they develop their strategies for the Asia-Pacific region. 

It is confirmation that Australia has an important leadership role in fighting the wave of protectionism that jeopardises global growth,” Australian Industry Group Chief Executive, Innes Willox, said today.

“While much of the new market access is in agriculture, Australian manufacturers will value the promised rules based order that will protect access for trade and investment into the future. The global economy is a patchwork of local regulations on business and standards. The key advantage of this agreement is that it can give traders certainty in what rules apply to them.

“The agreement would naturally have been stronger with the participation of the United States and it is hoped they will ultimately recognise its benefits. In the meantime, Australian policymakers need to be watchful of the steps the United States is making towards key bilateral trade agreements which have the potential to undercut Australian access to significant markets,” Mr Willox said.

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