The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) will mean big benefits for farmers in Barker, says Member for Barker Tony Pasin.
Beef, sheep, dairy, wine, horticulture, seafood, cereal and grain commodities are all set to see better prices flow to the farm gate by making these products more competitive in CPTPP countries.
“Australia already exports $12.3 billion of agricultural products to CPTPP countries, and this deal will speed up growth in the Pacific region,” Mr Pasin said.
The agreement will deliver 18 new free trade agreements between the CPTPP parties. For Australia that means new trade agreements with Canada and Mexico and greater market access to Japan, Chile, Singapore, Malaysia, Vietnam and Brunei.
The CPTPP is the latest trade agreement the Coalition Government has secured, following the bilateral deals with China, Japan, South Korea and Chile which is seeing the Australian agricultural sector grow.
Australia took a leadership role in the negotiations to deliver the CPTPP because it will drive Australian exports and create new Australian jobs.
“The CPTPP is a multi-billion-dollar win for jobs, businesses, farmers and consumers in Barker who are already seeing the benefits of other recent trade agreements,” said Mr Pasin.
The CPTPP will eliminate more than 98 percent of tariffs in a trade zone with a combined GDP of AUD 13.7 trillion.
Benefits of the CPTPP to Barker farmers include;
Beef is Australia’s largest global agricultural export, worth $7.1 billion in 2016/17. The CPTPP will see:
Sheep Meat exports are valued at $425.2 million in CPTPP markets. The CPTPP will see the immediate elimination of tariffs on sheep meat exports to all CPTPP countries, with the exception of Mexico which will eliminate tariffs within 8 years;
Wool exported to CPTPP countries is worth $36.5 million to the Australian economy. The CPTPP will see greater opportunities for Australian wool producers with the complete elimination of tariffs on raw wool exports to CPTPP countries.
Pork exports to CPTPP countries are worth $83.7 million to the Australian economy. Through the CPTPP, producers will benefit from:
Cereal and Grain exports to CPTPP countries contributes $1.6 billion to our economy. The CPTPP will deliver:
Dairy exports are popular in CPTPP countries with more than $1 billion exported last year. The CPTPP will see:
Wine exports to CPTPP countries are valued at $443.2 million. The CPTPP will benefit our wine industry through the:
Horticulture exports to CPTPP countries are valued at $830.8 million. The CPTPP will benefit our horticultural industries through:
Seafood exports to CPTPP countries are valued at $1.1 billion. The CPTPP will benefit our seafood industry through the:
Trade Ministers in participating countries are expected to sign the Comprehensive and Progressive Agreement for Tans-Pacific Partnership on March 8 in Chile.
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