What is the TPP
The TPP is a comprehensive FTA between Australia and 10 other
countries: Japan, Canada, Mexico, New Zealand, Singapore, Peru,
Chile, Vietnam, Malaysia and Brunei. It reduces customs tariffs on
a range of goods, but also has comprehensive trade liberalisation
provisions concerning trade in services, investment, the
environment and labour laws.
Initially, the benefits of the TPP will only extend to
Australian trade with Japan, Canada, Mexico, New Zealand and
Singapore. This is because the other TPP members are yet to pass
domestic legislation ratifying the agreement.
What are the benefits
While Australia already has FTAs with 7 of the 10 other
countries, the TPP will bring immediate benefits. Those benefits
are:
