Trans-Pacific Partnership Agreement—2016 Inquiry

Submission Overview

The ECA appreciates from the research conducted by DFAT that potential gains to Australian exporters and importers, (including SMEs) from a comprehensive TPP Agreement are significant. The twelve Parties to the TPP cover 11.2 per cent of the world’s population, account for around 40 per cent of global GDP, and approximately 70 per cent of Australia's trade flows through the Asia-Pacific region. TPP Parties also include three of the largest economies—the United States, Japan and Canada—and five of Australia’s top ten goods export markets: Japan, the US, New Zealand, Singapore and Malaysia. Seven of the twelve countries are listed in the AIBS 2015 top 20 international markets, these include: the United States (1st), New Zealand (3rd), Singapore (5th), Japan (6th), Canada (13th) and Vietnam (15th).

Not only will the TPP build on existing FTAs, it will also deliver new access into markets in Mexico, Canada and Peru with whom we do not have existing FTA. As outlined by Australia’s Chief Negotiator for the TPP, Ms Elizabeth Ward, in her opening statement to JSCOT, “the TPP represents the largest trade liberalising deal concluded anywhere in the world for over twenty years. Not since the Uruguay Round of multilateral negotiations, has such an ambitious, comprehensive and market opening deal been achieved.”

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Ed Serrano
Managing Director,
VEKTA Advanced Automation
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