October 20, 2015
Member for Maranoa Bruce Scott says the Federal Government’s Trans-Pacific Partnership Agreement (TPP) will “open up a wealth of opportunity for our region”.
The free trade agreement has been negotiated between Australia, the United States, New Zealand, Canada, Mexico, Peru, Chile, Singapore, Brunei, Malaysia, Japan and Vietnam.
“As I sit on the Foreign Affairs, Defence and Trade joint standing committee and am the chairman of the Trade subcommittee, I can offer an insight this Coalition Government’s landmark TPP Agreement,” Mr Scott said.
“October 5 marked the conclusion of TPP negotiations – a historic deal which spans 12 countries and 40 per cent of the global economy.
“This agreement will drive economic growth, create jobs and promote and facilitate regional supply chains.
“In the Maranoa, agriculture and horticulture are set to be the biggest winning industries as a result of tariffs to be lifted on more than $4.3 billion of Australia’s agricultural exports.
“Preferential access or tariff reduction (will be introduced) on a further $2.1 billion of our agricultural exports including beef, dairy, cereals and wine.
“The Asia-Pacific region is home to a burgeoning middle-class seeking clean, green food products, qualities synonymous with the Maranoa electorate.
“One in five jobs in Australia is linked to trade so this is not only good news for our nation but also a positive step for the Maranoa.
“This agreement will also provide certainty for businesses, cut the cost of trade and reduce red tape for Australian exporters, service suppliers and investors.”
Mr Scott said agricultural highlights included:
- Beef: TPP will see significant reductions and elimination of tariffs on beef and beef products into Japan; elimination of tariffs on beef and beef products into Mexico and Canada over 10 years and elimination of the AUSFTA beef safeguard into the US
- Dairy Products: Tariff elimination, reductions and new quotas into the US and Japan
- Horticulture: Elimination of all tariffs into Canada on entry into force
- Pork: Elimination of Mexico’s 20 per cent tariff on entry into force and the elimination of all Malaysian pork tariffs in 15 years
- Raw Wool: Elimination of tariffs into TPP markets on entry into force
- Sheepmeat: Elimination of tariffs on entry into force for all TPP markets (except Mexico).
- Wheat and Barley: Mark-up reduction into Japan by 45 per cent within 10 years, estimated to reduce costs for exporters by about $200 per tonne (wheat) and $100 per tonne (barley).
- Wine: Elimination of tariffs into key export market in Canada on entry into force and tariff elimination into Vietnamese markets
Mr Scott said more in formation about the TPP was available online
