The Trans-Pacific Partnership trade pact, which had been on life
support since Americas withdrawal, has finally been
The 11 remaining countries are expected to sign a tweaked
agreement on March 8 in Chile, Trade Minister Steve Ciobo has
Canada threw a spanner in the works at the APEC summit in
Vietnam last year derailing efforts to finalise the deal.Ottawa has
since been coaxed back to the fold following lobbying efforts from
Tokyo and Canberra.
Speaking at the World Economic Forum in Davos, Switzerland
overnight, Canadas Prime Minister Justin Trudeau called the
agreement the right deal.
Canadas trade minister said in a statement it included an
improved arrangement on autos with Japan and the suspension of
intellectual property provisions that had been a concern.
Mr Ciobo said the deal would eliminate 98 per cent of tariffs in
a marketplace worth close to $14 trillion.
It hasnt been easy but were finally at the finish line and
Aussie businesses will be the big winners, he told AAP.
Under the deal Australian exporters will benefit from new trade
agreements with Canada and Mexico and greater market access to
Japan, Chile, Singapore, Malaysia, Vietnam and Brunei.
Theres also a better deal for Australian cheese and beef exports
into Japan and new quotas for rice and wheat.Australian sugar will
also have better access to Japan, Canada and Mexicos markets.
Mr Ciobo, who is at the World Economic Forum in Davos, hailed
the Turnbull governments persistence.
Labor and Bill Shorten declared this trade agreement dead and
wanted to walk away, he said.
If it was up to them they would shut Australia out of this
historic agreement and the big wins it delivers our farmers,
manufactures and services providers.
He expects other countries may wish to join up once the
agreement is in force.
There has been ongoing speculation Indonesia may be
The agreement was finalised at a meeting of trade officials in
Tokyo on Tuesday, something the Australian Industry Group
Its very important this is achieved. Its a good breakthrough,
chief executive Innes Willox told ABC radio.
He still hopes the US returns to the pact down the track.
* The TPP 11 is made up of: Australia, Brunei, Canada, Chile,
Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and
* US President Donald Trump pulled America out of the deal a
year ago after describing it as a continuing rape of our
* It was a key policy of the Obama a...