The Parliament must support the ratification of the Trans-Pacific Partnership 11 (TPP-11) agreement to lock in the benefits of increased trade for all Australians, Business Council chief executive Jennifer Westacott said today.
“The TPP-11 will boost Australian exports, investment and jobs by giving Australian businesses access to new markets and investment opportunities across member countries.
“Failing to ratify this agreement would put Australia’s already flagging international competitiveness at risk, and would send a terrible signal internationally at a time of global trade tensions.
“The parliament cannot forgo the opportunity to eliminate 98 per cent of tariffs in member countries, the destination of nearly one-quarter of Australia’s exports.
“The TPP-11 also stands out as a positive example of international cooperation in an era in which the voices against freer and more liberal trade are increasingly louder, in Australia and abroad.
“Our political leaders should take a holistic view of the agreement, including its contribution to wider, international trade negotiations, and to Australia’s place in the world.
“The agreement has the potential to reinject momentum into cooperative trade liberalisation and rules-based approaches on a global basis.
“It will also set an important standard and template for other trade agreements and will enhance Australia’s influence both regionally and globally.”
The Business Council’s full submission to the Senate is available here.
Business Council media team
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