Australia signs TPP-11 trade deal

Australia signs TPP-11 trade deal

Still, the content of the previous TPP Agreement has been maintained to the maximum extent possible with the agreement renamed Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

The final version of the CPTPP is a revised Trans-Pacific Partnership (TPP) agreement that was signed in 2016 with the above countries, plus the United States.

President Trump pulled the US from TPP as one of his first orders of business in the Oval Office, and though he's since alluded to the USA rejoining the sweeping trade deal provided he could get "a much better deal", the USA, for now, remains still out.

The 11 countries involved in the CPTPP are New Zealand, Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, Peru, Singapore and Vietnam.

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

"The agreement will eliminate more than 98 per cent of tariffs in a trade zone with a GDP of $13.7 trillion that spans the Americas and Asia".

He announced the plan for tariffs last week, rattling financial markets. Many have cited the size of the agreement, which runs into several chapters and thousands of pages, to contend that the benefits from tariff reductions may be cancelled out by the massive increase in regulatory requirements.

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Mathieson said the other countries in the agreement either do not have tariffs on kiwifruit, have existing free trade agreements with New Zealand or do not now import New Zealand kiwifruit.

The markets surveyed consist of Malaysia, Australia, Bangladesh, China, Hong Kong, India, Indonesia, Singapore, South Korea, Thailand, Vietnam, US, Canada, Mexico, France, Germany, Ireland, Netherlands, Poland, United Kingdom, Czech Republic, Egypt, Saudi Arabia, United Arab Emirates, Turkey and Argentina.

According to the Ministry of Foreign Affairs and Trade's estimates, the deal is expected to give a $1.2 billion to $4b boost to New Zealand's real gross domestic product.

However, it is widely acknowledged that the TPP will benefit Australian exporters.

"This is a fair deal for New Zealand".

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 worldwide standards. Australia is seeking to regain access into Japan for blueberries and improve market access for other horticulture commodities, including mangoes.”.

Moody's expect Canada and Mexico to attract more investment from CPTPP members, particularly Southeast Asian exporters looking for greater access to the U.S. market - assuming a smooth resolution on the North America Free Trade Agreement (NAFTA) renegotiations.

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