Pacific nations will be “drinking more Australian wine, eating more Australian beef and using more Australian services” thanks to a new trade agreement with 10 other countries in the region, according to the trade minister Steve Ciobo.
Malcolm Turnbull also hailed the signing of the restructured Trans-Pacific Partnership as a vital win for Australian industry and attacked Labor for giving up on the deal when Donald Trump pulled the US out of the pact.The TPP-11, as it is now known after the departure of the US, was signed by Ciobo in Chile on Friday. It is hoped it will eliminate 98% of tariffs in a marketplace worth close to $US14 trillion.
The text of the agreement, a national interest analysis and legislation will be tabled in parliament by the end of the month and then be scrutinised by the treaties committee.
The federal government wants all domestic processes completed by September and to have the deal would in place by the end of the year.
The TPP has a chequered history. In its original form it attracted criticism from the left for ceding too much power to corporations and from the right for costing jobs. Trump’s decision to withdraw from the deal was one of his first actions as president.
Source:
theguardian
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