Freight & trade Alliance (FTA) and the Australian Peak Shippers Association (APSA) have been contacted by the Department of the House of Representative to make a submission to the parliamentary inquiry into the merits of expanding the membership of the Trans-Pacific Partnership (TPP). The inquiry will focus on the following issues:- the opportunity for freer trade between Australia and potential new members;
- the merit of the TPP as the vehicle to realise freer trade opportunities;
- issues related to expanding and improving market access;
- the impact of other members committing to similar high standards;
- issues relevant to the values, rules and norms of the TPP;
- the role of the TPP as a vehicle for economic collaboration and cooperation; and
- any other related matters.
Current members of the TPP that have ratified the agreement are Australia, Canada, Japan, Mexico, New Zealand, Singapore and Vietnam. Brunei, Chile, Malaysia and Peru have signed the TPP but are yet to ratify it.
Countries that have expressed interest in joining the TPP include the UK, Taiwan, Indonesia and Thailand. The US was originally a party to the agreement but withdrew as one of the first steps of the Trump administration. President Biden has not made any indication that the US is looking to re-join the TPP.
The TPP is a high quality free trade agreement with very low documentation requirements. Usually a supplier's invoice can be used as proof of origin and that document can be in an electronic form. The TPP also has the benefit if being a multilateral Free Trade Agreement, meaning content from all TPP members that have ratified the agreement can be counted when assessing the origin of a good.
FTA / APSA are interested in hearing from members in terms of which countries you believe Australia should look to include in the TPP. Alternatively, is there a better option than the TPP for increasing trade with that country? Submissions are due by 18 February 2021.
Members can provide feedback by emailing to me at clatta@FTAlliance.com.au for incorporation into our submission and / or make direct commentary to the parliamentary inquiry.
Further detail is available HERE |
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