Australia and 10 other nations are set to sign a revised Trans-Pacific Partnership trade deal following talks between officials in Tokyo.
Under the new deal, known as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), several original provisions have been suspended and 18 new free trade agreements will be delivered.
“For Australia that means new trade agreements with Canada and Mexico and greater market access to Japan, Chile, Singapore, Malaysia, Vietnam and Brunei,” said Australian Trade Minister Steve Ciobo.
Trade ministers from Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam will attend a signing ceremony in Chile in March.
Canada had to be coaxed back into the fold after failing to attend a final vote on the deal at the APEC conference in Vietnam in November.
Speaking at the World Economic Forum in Davos, Switzerland, overnight, Canada’s prime minister, Justin Trudeau, called the agreement the “right deal”.
The TPP was also going to include the US before President Donald Trump withdrew from the agreement last year.
Ciobo said Australians can expect the deal to drive exports and create new jobs, as well as “eliminate more than 98 per cent of tariffs in a free-trade zone, with a combined GDP of $13.7 trillion”.
Source : Business Insider Australia