CPTPP Ratification to drive Australian Jobs and Trade
The Australian Food and Grocery Council (AFGC) has today has welcomed the ratification of the Comprehensive and Progressive Trans Pacific Partnership (CPTPP).
AFGC CEO Ms Tanya Barden the ratification by Australia means that it is the sixth country to ratify the agreement and is the final step in making the historic Asia-Pacific trade deal – which will come into force on 30 December 2018.
“The increased trading with the CPTPP countries, which represent 13.5% of the global economy, would bring significant benefits for Australia’s $127 billion food and grocery sector,” said Ms Barden.
“This regional trade agreement will further open up some of Australia’s key export markets, particularly in the food, beverage and grocery sectors. The CPTPP builds on earlier trade agreements with Japan, Vietnam and Singapore.”
“The CPTPP will build on Australia’s existing trade agreements to provide new opportunities for Australian exporters.”
“The significance of export opportunities for the food and grocery sector, which exports over $32 billion, cannot be understated when it has been under pressure from rising energy costs and six years of domestic retail price deflation continues to cut margins.”
“At a time when Australia’s economic growth is under pressure, we cannot afford to put a handbrake on one of the few shining lights, the agri-food sector. Now is the time to build on our advantage”.
“The CPTPP covers 11 nations that together constitute around 13.5% of the global economy, and 4 of Australia’s top 10 export markets for food and beverages. The economic weight of the CPTPP and common set of rules established among 11 countries will greatly support Australian food exporters, providing Australian jobs and economic growth.”
“One of the strong benefits of an 11 country trade agreement like the CPTPP is the move to greater alignment and harmonisation across the region on regulation and behind the border trade issues. This is particularly relevant to the export of food items that generally face onerous import controls that differ from nation to nation,” said Ms Barden.
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AFGC Media Contact: James Mathews 0407 416 002