TRADE minister Simon Birmingham said it was important that Australia ratify the Trans Pacific Partnership (TPP-11) as soon as possible to unlock the benefits such a pact could bring, and to avoid being at a competitive disadvantage.
He said the TPP-11 legislation was expected to be debated in the House of Representatives in the next sitting week.
Mr Birmingham pointed to new economic modelling from Brandeis International Business School and Johns Hopkins University, which shows Australia is forecast to see $15.6bn in net annual benefits to national income by 2030 and increases in exports of $29.9bn.
“It’s expected the TPP-11 will provide greater market access and export potential to Australian businesses and exporters in industries including farming, mining and manufacturing,” Mr Birmingham said.
“To secure and grow our national prosperity Australian producers and exporters must be able to access the new market access opportunities that the TPP-11 will provide.”