Minister for Trade and Investment Andrew Robb departs today for Atlanta Georgia for negotiations with ministerial counterparts from 11 other countries on the Trans-Pacific Partnership Agreement (TPP).
Mr Robb said the TPP brought enormous promise and an imminent conclusion was within reach, but the window was closing due to domestic political factors in countries such as the United States.
"There are unresolved issues, but hopefully these aren't intractable. We have taken provisional decisions on perhaps 90 per cent of issues, and as a result of these alone, Australia would see some most material benefits," Mr Robb said.
Mr Robb said the TPP would deliver new levels of market access for Australian goods and services, and also positively address so-called 21st century issues in areas such as e-commerce and IP, as well as enhance access to all-important global value chains, including for SMEs.
"As the world's largest regional trade deal the TPP would represent a major leap forward, resulting in a more seamless trade and investment environment across a bloc of countries responsible for 40 per cent of global GDP," Mr Robb said.
"Common sets of trading rules and standards across member countries will greatly reduce business costs, promoting growth and job creation.
"The agreement would also be open for other countries to join in the future which would further amplify its benefits," he said.
A successful conclusion would represent a major step towards realising the ambition of creating a Free Trade Area across the Asia Pacific region.
The TPP is being negotiated between Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, Peru, New Zealand, Singapore, the United States and Vietnam.
- Trade Minister's Office: (02) 6277 7420
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