Ministers from Trans-Pacific Partnership (TPP) Agreement countries met on 17 May 2016 to review progress on their respective internal processes to approve the Agreement.
Ministers underlined that they shared the goals of strengthening and broadening the mutually-beneficial linkages between member economies; enhancing regional and global competitiveness; supporting the creation of jobs and new economic opportunities; promoting economic growth and development; supporting innovation and helping to alleviate poverty; and ensuring the greatest benefits for our people.
Ministers noted that economies in the region had expressed an interest in joining the TPP. Ministers agreed to continue to work bilaterally with interested economies to ensure that these economies understand the standards and rules set forth in the TPP and the requirements that they need to meet if they wish to join after the Agreement enters into force.
About the Trans-Pacific Partnership Agreement
Trans-Pacific Partnership Agreement (TPP) negotiations were undertaken by Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, Peru, New Zealand, Singapore, the United States and Vietnam. These negotiations successfully concluded on 6 October 2015 (AEST).
The TPP is a regional free trade agreement of unprecedented scope and ambition with great potential to drive job-creating growth across the Australian economy.
TPP outcomes include new market access opportunities for Australian exporters of goods and services, as well as investors, that are additional to Australia’s existing free trade agreements. For investment, the TPP will create new opportunities and provide a more predictable and transparent regulatory environment.
The TPP will also establish a more seamless trade and investment environment across 12 countries by setting commonly-agreed rules and promoting transparency of laws and regulations. The TPP will provide greater certainty for businesses, reduce costs and red tape and facilitate participation in regional supply chains.
The TPP addresses contemporary trade challenges in ways that have not previously been addressed in Australian FTAs, such as commitments on state-owned enterprises, which will promote competition, trade and investment and enable Australian exporters to compete on a more level playing field.
The TPP allows for other members to join in the future, which will amplify its benefits. Australia is committed to expanding the TPP membership over time.