PERTH (miningweekly.com) – The Minerals Council of Australia (MCA) has again lobbied for the Trans-Pacific Partnership (TPP), joining nine other national industry groups in issuing a policy brief setting out the reasons Australia should support the regional trade agreement.
The TPP, which was signed by Trade Ministers from the 11 member countries last week, will be considered by Australia’s Federal Parliament in the coming months.
MCA interim CEO David Byers noted that the benefits from the TPP would be substantial, with modelling showing it would boost the value of Australian exports by A$30-billion and increase real gross domestic product (GDP) by A$18-billion a year.
The policy brief details how the TPP will improve the ability of Australian businesses to export to countries across the Asia-Pacific, including Japan, Malaysia, Vietnam, Singapore, Canada, Mexico, Peru and Chile.
“The agreement will eliminate tariffs on hundreds of Australian goods, from beef, wheat, dairy, seafood, wine and horticultural goods, to iron-ore, copper, nickel and refined petroleum, to manufactured products like machinery, electrical equipment, paper, automotive components and locally-built ships.
“The TPP will also improve opportunities for Australian services exports including financial services, professional and business services, education, health, tourism and mining and oilfield services,” Byers said on Monday.
From the minerals sector’s perspective, the TPP is expected to create new opportunities for Australian mining and mining services exports in the Asia-Pacific, which Byers said would benefit all Australians by supporting jobs, living standards and economic growth.
The policy brief also notes that the TPP is a high-quality, progressive trade agreement that includes protections for Australian public policy in areas like healthcare, affordable medicines and the environment and enforceable labour standards, which will benefit workers in developing countries.
Furthermore, the TPP is expected to promote Australia’s strategic interests by advancing regional economic integration and foreign policy cooperation in the Asia-Pacific and by sending a strong statement of support for free trade and open markets, Byers added.