Australia is one of 11 countries to reach agreement with Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.
Reduction in tarriffs and new trade agreements with Canada and Mexico and greater market access to Japan, Chile, Singapore, Malaysia, Vietnam and Brunei are expected to be finalised and signed off in March 2018. There is talk of Indonesia and Korea joining the agreement in the future.
It is reported that the significant wins for Australian exporters under the TPP include:
- Accelerated reductions in Japan’s import tariffs on beef
- Elimination of a range of cheese tariffs into Japan covering more than $100 million of trade that was not covered by the Japan-Australia Economic Partnership Agreement.
- New quotas for wheat and rice to Japan, and for sugar into Japan, Canada and Mexico
- Elimination of all tariffs on sheep meat, cotton, wool, seafood, horticulture, wine and industrial products (manufactured goods).