Maranoa MP: TPP deal great for the region
AS I sit on the Foreign Affairs, Defence and Trade joint standing committee and am the chairman of the Trade subcommittee, I can offer an insight this Coalition Government's landmark TPP Agreement set to open-up a wealth of opportunity for our region in the growing Asia-Pacific region.
October 5 marked the conclusion of TPP negotiations - a historic deal which spans 12 countries and 40% of the global economy.
This agreement will drive economic growth, create jobs and promote and facilitate regional supply chains.
In the Maranoa, agriculture and horticulture are set to be the biggest winning industries as a result of tariffs to be lifted on more than $4.3 billion of Australia's agricultural exports.
As well as preferential access or tariff reduction on a further $2.1 billion of our agricultural exports including beef, dairy, cereals and wine.
The Asia-Pacific region is home to a burgeoning middle-class seeking clean, green food products - qualities synonymous with the Maranoa electorate.
One in five jobs in Australia is linked to trade so this is not only good news for our nation but also a positive step for the Maranoa.
This agreement will also provide certainty for businesses, cut the cost of trade and reduce red tape for Australian exporters, service suppliers and investors.
Agricultural highlights including:
Beef: TPP will see significant reductions and elimination of tariffs on beef and beef products into Japan; elimination of tariffs on beef/ products into Mexico and Canada over 10 years and elimination of the AUSFTA beef safeguard into the US.
Dairy products: Tariff elimination, reductions and new quotas into the US and Japan.
Horticulture: Elimination of all tariffs into Canada on entry into force.
Pork: Elimination of Mexico's 20% tariff on entry into force and the elimination of all Malaysian pork tariffs in 15 years.
Raw wool: Elimination of tariffs into TPP markets on entry into force.
Sheep meat: Elimination of tariffs on entry into force for all TPP markets (not Mexico).
Wheat and barley: Mark-up reduction into Japan by 45% within 10 years - estimated to reduce costs for exporters by about $200 per tonne (wheat) and $100 per tonne (barley).
Wine: Elimination of tariffs into key export market in Canada on entry into force and tariff elimination into Vietnamese markets.
For more information on the TPP where facts are explored and myths debunked check out: http://dfat.gov.au/trade/agreements/tpp
- The Hon Bruce Scott MP,
Federal LNP Member for Maranoa