Federal Member for Parkes, Mark Coulton has today welcomed the conclusion of negotiations of the historic Trans-Pacific Partnership Agreement (TPP).
Mr Coulton is firmly of the belief that the TPP has great potential to boost agricultural markets and drive job creation and growth across rural and regional Australia.
“As someone who represents an electorate that relies heavily on primary production, this agreement is great news,” Mr Coulton said.
“By opening substantial new trade and investment opportunities for Australia, primary production across rural and regional NSW will increase.
“This increase will in turn create jobs in those industries associated with exports and provide a much needed economic boost for many communities across my electorate.”
The TPP is set to eliminate over 98 per cent of tariffs in the TPP region, removing import taxes on around $9 billion of Australian trade.
“With the removal of tariffs on many commodities, the TPP will also reduce the cost of doing business and address temporary trade challenges,” Mr Coulton said.
“The potential flow on effect from this is enormous with Australian exporters, service suppliers, investors, business and consumers all set to benefit in some way under the TPP.”
The unprecedented regional free trade agreement was successfully negotiated by Australia and 11 other countries that together represent around 40 per cent of the global economy and a quarter of world trade.
TPP negotiating parties are now finalising arrangements for the release of the TPP text, and it will be released well in advance of signature.
Each country will then undertake its domestic treaty-making process. For Australia, this will involve tabling the treaty text in parliament along with a National Interest Analysis and a review by the Joint Standing Committee on Treaties to which all interested parties can make submissions.
Further information about the TPP can be found at http://dfat.gov.au/trade/agreements/tpp/.