Australia becomes fourth signatory country to ratify CPTPP
Updated : Thursday, October 18, 2018 4:33 PM (GMT+0700)

TheAustralian Senate passed the Comprehensive and Progressive Agreement for Trans-PacificPartnership (CPTPP) on October 17, making Australia the fourth signatorycountry to ratify the trade deal.

Parliament House of Australia in Canberra - Photo: VNA

The CPTPP was passed by theAustralian House of Representatives last month.

“It's a big, important day forbusinesses all around the country, and it’s the product of a Government thatgets it”, Australia Prime Minister Scott Morrison told reporters inCanberra. 

“It's a process our governmentwas very committed to. When others said this couldn't be done, our governmentcontinued on and made sure we could connect Australia to half a billionconsumers around the world and some almost 14 trillion USD worth of economiesthat are there that we can now access”, he added. 

It is important that theagreement comes into effect this year, said Australian Minister for Trade,Tourism and Investment Simon Birmingham. “Because that’s going to give themaximum benefit to our exporters, to our farmers, businesses who rely on accessto international markets for their goods, for their services, to be able tobring income back here to Australia”.

The trade deal is “abouthelping our small and medium sized businesses to be able to get the bestpossible access to new export markets so our farmers and businesses can createmore income and more jobs for more Australians”, he noted.

According to the Government ofAustralia, this passage of legislation through parliament brings Australia onestep closer to being part of the first group of countries to ratify theagreement.

The CPTPP is one of the mostcomprehensive trade deals ever concluded and strips 98 percent of tariffs for11 countries with a combined GDP of more than 13.8 trillion USD and close to500 million consumers, it said in a media release on October 17.

Australia is forecast to see15.6 billion USD in net annual benefits to national income by 2030 from theagreement.

It is a renegotiated tradedeal born out of the Trans-Pacific Partnership Agreement (TPP) afterthe US pulled out from the deal last year.

The revised pact was signed bythe remaining 11 TPP member states, namely Australia, Brunei, Canada,Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam inMarch 2018.

It will enter into force 60days after at least six countries ratify the agreement. So far, Mexico, Japanand Singapore have completed their domestic processes while New Zealand, Peruand Canada are expected to pass it in the coming months.


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