THE full text of the TPP-11 trade deal was released today (22 February), and trade minister Steven Ciobo said Australians, businesses and all exporters could now see the full breadth of the new regional trade deal.
Mr Ciobo said the deal would eliminate more than 98% of tariffs in the trade zone, which has a combined GDP of $13.7 trillion.
“The TPP-11 delivers significant increases in market access for Australian goods and services, most notably improved access to the Japanese market for a number of our agricultural products,” he said.
“The deal also creates Australia’s first free trade agreements with Canada and Mexico, giving Australian exporters preferential access to two of the world’s top 20 economies.”
The minister said under the agreement, Japan would accelerate reduction in tariffs for beef, and Canada and Mexico would eliminate all their tariffs on beef within 10 years of entry into force.
Also, Canada would eliminate tariffs on wine, and Japan would eliminate a range of tariffs on cheese, covering more than $100m in trade not covered by JAEPA.
All tariffs on sheepmeat are to be eliminated under the new deal, and also all tariffs will be eliminated on Australian exports of manufactured products to TPP-11 countries.
Mr Ciobo said he planned to sign the TPP-11 agreement in Santiago, Chile on 8 March.
The full text can be found on the DFAT website.
Also read trade lawyer Andrew Hudson’s analysis of the TPP-11 for DCN here.