New Trans-Pacific trade deal reached in Chile

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Author

10 March, 2018

Representatives of members of Trans-Pacific Partnership trade deal pose for a group photo after the signing agreement ceremony in Santiago, Chile on Thursday.

The ambitious deal came after the U.S. pulled out the Trans-Pacific Partnership (TPP) agreement past year.

The US, originally the biggest TPP economy, was one of the trade deal's strongest supporters before Mr Trump took office.

For the fresh produce industry, the CPTPP provides preferential market access for suppliers targeting fellow member nations.

Trump vowed on Thursday to impose a 25 per cent tariff on steel imports and 10 per cent tariff on aluminum imports, although he said there would be exemptions for Nafta partners Mexico and Canada.

The UK is also understood to be exploring the possibility of joining a trans-Pacific trade bloc after it leaves the European Union, as part of plans to find alternative export markets.

Chilean President Bachelet emphasised that CPTPP members would still welcome the United States if it wished join the pact again, but Washington would have to accept the terms of the revised agreement.

"Industry will continue to advocate for swift ratification and entry into force of the CPTPP, with the first tranche of tariff cuts being an important step in realising the benefits of the agreement".

US steel tariffs impact on local farmers
New Trans-Pacific trade deal reached in Chile

Mr Finucan said the CPTPP will complement the recently concluded Peru-Australia Free Trade Agreement, which will see the 9pc sheep meat and goat meat tariffs eliminated on EIF under both agreements.

In January 2017, Trump withdrew the United States from TPP discussions before it became law, arguing that it was an unfair deal for the country.

The Winemakers Federation of Australia welcomed the signing, with chief executive Tony Battaglene saying Australia had shown strong leadership by continuing to pursue the TPP after the U.S. withdrew.

Parker revealed New Zealand has signed a number of side letter agreements that exclude ISDS while in Santiago, which have the same treaty-level status as the CPTPP.

"This is a fair deal for New Zealand". Whereas U.S. beef exported to Japan faces a 38.5 percent tariff, for example, beef from New Zealand and Australia will enter Japan tariff-free.

In addition to market access, Malaysia will also benefit in terms of enhancing governance in a number of economic sectors, strengthening economic cooperation among member countries and promoting adoption of global standards.

Australia's Minister for Agriculture and Water Resources, David Littleproud, said TPP-11 was the world's largest ever regional trade agreement which created "huge opportunities".

The other two Latin American countries, Mexico and Peru, will also improve their access to countries on the other side of the Pacific, such as Vietnam and Malaysia.

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