The new Comprehensive and Progressive Agreement for Trans-Pacific Partnership will boost trade and investment, Business Council of Australia President Grant King said today.

This is a win for Australian workers and businesses.

We welcome the news that the agreement will be signed in March and congratulate the Prime Minister and Trade Minister for their persistence to seal this ambitious pact.

The agreement comes at a critical time, keeping the momentum for trade liberalisation alive when support for open global markets is under increasing pressure.

The agreement, even without the US, will cover about one quarter of the total value of Australia’s exports and improve market access for a range of goods and services in key markets including Japan and Canada.

The agreement will also help harmonise trading rules across its member countries, making it simpler for Australian businesses to pursue new opportunities in multiple markets.

Australia must take full advantage of international investment and trade to improve our living standards.