The Trans-Pacific Partnership Agreement (TPP) negotiations were recently concluded in Atlanta delivering a deal allowing for further integration of the Australian economy into the world’s fastest growing region.
The nations who are parties to the TPP comprise 11.2 per cent of the world’s population, 25.5 per cent of total world trade, and approximately 70 per cent of Australia’s trade flows through the Asia-Pacific region.
There are 12 countries who are parties to the TPP; Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States and Vietnam.
Five of which were among Australia’s top 10 trading partners for goods and services in 2013-14.
Australia already has FTAs with a number of those countries but the TPP Agreement will improve the outcomes from those FTAs. Importantly the TPP Agreement now provides for new trade deals with Canada, Peru and Mexico with whom Australia has not previously had FTAs.
The ECA now looks forward to the release of the text of the TPP for close review and also looks forward to the domestic adoption of the TPP by the TPP countries. The ECA recognises that this process will not be easy, especially in light of the elections in Canada and the US.