Revamped TPP is now under way
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.
❝the I expect
US will now be at a disadvantage in these markets ...
— Brett Hosking