Conservative Party leader and senator Cory Bernardi has today moved in the Senate to place a sunset on the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (TPP-11).
Giving effect to the Conservative Party's policy position on all trade deals, Senator Bernardi's amendment will automatically close the TPP-11 after 10 years from when it comes into force.
The TPP-11 came about after the United States of America walked away from the talks but the other parties continued negotiations. As a result, Australia joins Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, Peru, New Zealand, Singapore and Vietnam as partners to the deal signed on 8 March 2018 in Santiago, Chile.
The full proposed benefits to over $12 billion of Australia's agriculture and aquaculture sectors are listed here.
The Australian newspaper reports today that a significant number of Australia's trading competitors in sectors such as beef and wine have already ratified the TPP-11 and will benefit more quickly from the reduction in taxes on their exports ('tariffs') into the 11 countries.
Senator Bernardi's amendments also require the government to commission a report into the benefits of the deal after 6 years of the trade agreement. The Conservative Party policy position states "We will periodically review all trade agreements to ensure they are still operating in the national interest and delivering the benefits promised."
The amendments are designed to ensure that the TPP-11 is only renewed on its 10-year anniversary if the promised benefits have been realised.
The government has promised these are some of the benefits to our farmers, fishers, manufacturers and producers from the deal - something the Conservative Party wants to ensure stacks up during the review process:
- new reductions in Japan’s tariffs on beef, (Australian exports worth $2.0 billion in 2017);
- new access for dairy products into Japan, Canada and Mexico, including the elimination of a range of cheese tariffs into Japan covering over $100 million of trade;
- new sugar access into the Japanese, Canadian and Mexican markets;
- tariff reductions, and new access for our cereals and grains exporters into Japan, including, for the first time in 20 years, new access for rice products into Japan;
- elimination of all tariffs on sheepmeat, cotton and wool;
- elimination of tariffs on seafood, horticulture and wine; and
- elimination of all tariffs on industrial products (manufactured goods).
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