9 March 2018Hot off the Press
Representatives from 11 countries including Australia signed the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) accord in Santiago on Thursday local time.
The other 10 nations include Canada, New Zealand, Japan, Mexico, Chile, Peru, Vietnam, Malaysia, Brunei and Singapore, and with a total population of 480 million, produce approximately 13.5% of the world’s economic output.
Trade Minister Steve Ciobo says the CPTPP will have a positive impact on jobs growth in the trading area.
Mr Ciobo told Sky News: “This TPP-11 agreement is an important agreement. It’s opening up $13.7 trillion of economic activity to Australian businesses to be able to export their goods [and] their services, to drive investment into these markets.”
The CPTPP aims to improve market access to companies by removing or lowering obstacles such as tariffs.
US President Donald Trump withdrew from the original Trans-Pacific Partnership shortly after his inauguration, saying the deal was not in the best interests of American workers.