TRADE between Australia and Japan is set to boom once the Trans-Pacific Partnership takes effect, agriculture minister David Littleproud says.
Mr Littleproud said the 11-nation deal would lock in greater trade access for Australian farmers.
“The proposed abolition of Japan’s tariffs on our cheeses, wine, sheep meat, horticulture, cotton, wool, and seafood is all great news for our farmers,” Minister Littleproud said.
“Reductions in Japan’s tariffs on our beef and new quotas for wheat, sugar and rice to Japan, as well as sugar into Japan, Canada and Mexico, are also great news.
“New trade access to Canada and Mexico is really exciting.”
Mr Littleproud said Aussie farmers wanted more buyers competing for their product.
“This leads to better farm gate prices, which is what we all want,” he said.
“I congratulate Minister Ciobo on his great work in this space.”
The CPTPP is to be the world’s largest regional trade agreement and includes three of Australia’s top 10 agricultural trade markets Japan, Vietnam and New Zealand.
“The slashing of Japanese tariffs on beef and wine affects exports worth more than $100 million, which were not covered by our bilateral deal with Japan,” Minister Littleproud said.
“We have already secured Free Trade Agreements (FTAs) with China, Korea, Japan and Peru and we continue to work hard to secure new agreements. Since January 2016, Australian farmers have gained access to 64 key global markets and improved market access in another 57 countries.”
The CPTPP countries are Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.
The agreement is expected to be signed in Chile on March 8.