Trans-Pacific Partnership

The Trans-Pacific Partnership (TPP) is an agreement of unprecedented scope and ambition.

It promises new export opportunities for our farmers, services suppliers and goods exporters. It promises to support the growth of trade in our region, contributing to economic growth and new jobs.

President Trump's decision not to ratify the TPP at this time is disappointing, although not unexpected. The TPP is too important as a driver of the creation of more Australian jobs not to do all we can to see the agreement enter into force.

The Turnbull Government does not shy away from standing up for what is in our national interest - continuing our strong advocacy on the benefits of the TPP is no different.

I have been speaking at length with my TPP counterparts on ways to lock in the benefits from the TPP, without the United States if need be.

This week at the World Economic Forum I met with Japan, Canada, Mexico, Singapore, New Zealand and Malaysia to discuss alternatives.

The shape this takes will be the subject of discussion over coming months. A number of options are available to us and there is a strong desire to ensure the benefits of the TPP are not lost.

Ratification of the Agreement is the strongest message we can send on the importance of the TPP. It would be a clear statement from the Australian Parliament that we reject protectionism and that open markets are the path to long-term sustainable job creation.

We look to Bill Shorten and the Labor Party to support TPP ratification. A decision by Labor not to support ratification would be a radical reversal of their traditional support for trade and betrayal of the Hawke and Keating legacy of economic reform. It would be a clear demonstration of the extent to which Bill Shorten is captured by the union movement.

I am in the United Stated for G'DAY USA - Australia's premier economic, public and cultural diplomacy program in the United States. While in the US I will continue advocating the benefits of liberalised trade.