The Minerals Council of Australia has joined nine other national industry groups in support of the Trans-Pacific Partnership (TPP), a regional trade agreement they believe will create new economic opportunities for Australia.
Ten industry bodies representing businesses across key sectors of the Australian economy have released a policy brief setting out the reasons why Australia should support the TPP.
The TPP was signed last week by trade ministers from the 11 member countries; it will be considered by Australia’s Federal Parliament in coming months.
The policy brief argues that the benefits from the TPP will be substantial, with modelling showing it will strengthen the value of Australian exports by AUS$30 billion as well as bolster real GDP by AUS$18 billion a year.
The brief outlines how the agreement will improve the ability of Australian businesses to export to countries across the Asia-Pacific, including Japan, Malaysia, Vietnam, Singapore, Canada, Mexico, Peru and Chile.
The agreement will eliminate tariffs on hundreds of Australian goods, including iron ore, copper, nickel and refined petroleum, as well as manufactured products like machinery, electrical equipment, paper, automotive components and locally-built ships.
In addition, the 10 organisations believe that the TPP will also improve opportunities for Australian services exports - including financial services, professional and business services, mining and oilfield services – as well as create new opportunities for Australian mining and mining services exports in the Asia-Pacific.
The policy brief views the TPP as a high-quality, progressive trade agreement. It includes protections for Australian public policy in areas like healthcare, affordable medicines and the environment and enforceable labour standards, which will benefit workers in developing countries.
Finally, the brief points out that implementing the TPP will promote Australia’s strategic interests by advancing regional economic integration and foreign policy cooperation in the Asia-Pacific and by sending a strong statement of support for free trade and open markets.
The policy brief has been endorsed by 10 industry bodies representing Australia’s agriculture, resources and energy, manufacturing, food processing and wine-making, financial services, and logistics, exporting and trade facilitation sectors.
Read the article online at: https://www.globalminingreview.com/finance-business/14032018/minerals-council-of-australia-endorses-revived-trans-pacific-partnership/