The TPP-11 provides important new market access outcomes for Australia in goods and services trade, and in investment. TPP-11 members- including Japan, Canada, Vietnam, Chile, Mexico, Malaysia, New Zealand, Peru, Singapore and Brunei - are the destination for approximately 25 per cent of Australia’s exports.
The TPP-11 is of major strategic significance at the current time of global trade tensions. As a regional trade agreement, it is potentially more significant in its impact than previous bilateral arrangements, particularly in the application of rules of origin (ROOs) and facilitating Australia’s participation in global value chains. The Business Council strongly supports its ratification and looks forward to staying engaged with both members and the Government to support this outcome.