VECCI Global, on behalf of the Department of Foreign Affairs and Trade, is calling for submissions from all stakeholders on Trans-Pacific Partnership (TPP) negotiations, particularly regarding Canada, Japan and Mexico.

About the TPP negotiations

The Australian Government’s highest regional trade negotiation priority is the conclusion of the Trans-Pacific Partnership Agreement (TPP). This agreement will build on the Trans-Pacific Strategic Economic Partnership Agreement (P4) between Brunei Darussalam, Chile, New Zealand and Singapore, created in 2006.

The TPP includes the P4 parties as well as Australia, Peru, the United States, Vietnam and Malaysia.
The Australian Government will pursue a TPP outcome that eliminates or at least substantially reduces barriers to trade and investment. The TPP is more than a traditional trade agreement; it will also deal with behind-the-border impediments to trade and investment.

It is intended that the TPP be a ‘living’ agreement that remains relevant to emerging issues and allows for membership expansion. While expanded membership of the TPP is desirable, those seeking membership would need to demonstrate commitment to early and comprehensive liberalisation so as to maintain the momentum that has been generated by existing TPP parties.

Australia's decision to participate in the TPP in 2008 followed an extensive public consultation process. Overall, there was widespread interest in and support for Australia's participation. Input received through the consultation process is being used to inform the Government's priorities and objectives for Australia's ongoing work on the TPP.

Key interests and benefits

• The TPP has the potential to form a building block for Asia-Pacific regional economic integration. It is in Australia’s interests to be involved, to shape the direction of the initiative.
• Regional rules of origin will provide new opportunities for Australian exporters to tap into global supply chains.
• The TPP could provide additional market access for goods and services into the markets of existing free trade agreement (FTA) and future TPP partners.
• Inclusion of investment and financial services chapters in the TPP could provide improved opportunities for Australian financial services providers by mitigating barriers such as foreign restrictions on capital and investment flows.
• The TPP provides a framework for engaging with Peru, a country with which we do not have an existing bilateral trade arrangement. In particular, there is potential for better access for dairy products and mining services to Peru.

Background information about the TPP negotiations, including updates from each of the negotiating rounds, is available here.

Please send your comments to VECCI Global: vecciglobal@vecci.org.au with the subject heading ‘Submission for TPP’.