January 25, 2018
Opposition Leader and Member for Nanango Deb Frecklington has welcomed the news that the Trans-Pacific Partnership trade deal is back on track.
The TPP is an agreement between Canada, Australia, Japan, Mexico, Malaysia, Singapore, Chile, Peru, Vietnam, New Zealand and Brunei.
Originally it also was to include the United States, but US President Donald Trump pulled out soon after his election.
Reports this week after meetings in Tokyo suggested the new “Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)” would be signed in Chile in March.
The agreement will aim to cut tariffs and develop common laws and regulations in regards to trade across the 11 countries.
“Reports that the TPP is back on track is good news for Queensland, especially our agricultural producers,” Ms Frecklington said.
“I’m confident this trade deal will boost Queensland’s exports and drive economic growth in our State.
“This is all about jobs for Queenslanders.
“It’s particularly exciting to see increased access for Queensland’s beef industry into Japan with a reduction of tariffs.
“We know we have the best beef here in Queensland and the TPP will help us share it with our neighbours.
“I’m also looking forward to seeing Queensland industry capitalise on access to markets like Canada, Mexico and Vietnam.”
Federal Trade Minister Steve Ciobo said the deal would eliminate more than 98 per cent of tariffs in a free-trade zone which has a combined GDP of $13.7 trillion.
Details of the deal are still unclear but it is expected Japan will speed up the reduction of import barriers for Australian beef and eliminate tariffs on some Australian cheese.
Import tariffs on wine, lamb, and seafood could also be abolished across the trade region.
