Re­vamped TPP is now un­der way

Central and North Rural Weekly - - NEWS -

❝the I ex­pect US will now be at a dis­ad­van­tage in these mar­kets ... — Brett Hosk­ing

AUS­TRALIAN farm­ers can soon ex­pect to reap the ben­e­fits of the transPa­cific Part­ner­ship deal, which comes into play this year.

Also, the Chi­naAus­tralia free trade agree­ment means many tar­iffs on Aus­tralian farm pro­duce will be elim­i­nated start­ing this year, in­clud­ing key ex­ports such as wine, most fruit and veg­eta­bles, seafood and some dairy prod­ucts.

Un­der the TPP, ex­ports in­clud­ing wheat and beef, par­tic­u­larly to coun­tries such as Ja­pan, are ex­pected to be boosted.

Grain Grow­ers Lim­ited chair­man Brett Hosk­ing said about 20 per cent of the na­tion’s grain ex­ports were sold to coun­tries within the TPP, with Aus­tralian ex­porters in the box seat to ben­e­fit from re­duced tar­iffs. But com­pet­ing US farm­ers are set to miss out on these ben­e­fits, com­pound­ing the dif­fi­cul­ties they have due to their na­tion’s trade bat­tle with China and a lack of a free trade deal with Ja­pan.

US Pres­i­dent Don­ald Trump abruptly with­drew from the TPP on his third day in of­fice, in 2017.

Mr Hosk­ing said the TPP meant more open mar­kets and re­duced tar­iffs.

“I ex­pect the US will now be at a dis­ad­van­tage in these mar­kets, but I am sure the US is work­ing very hard to (find other ways) to com­pete,” he said.

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