About the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (TPP-11)
The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (TPP-11) is a free trade agreement (FTA) between Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, Peru, New Zealand, Singapore and Vietnam. The deal was signed by the 11 countries on 8 March 2018 in Santiago, Chile.
This Agreement is a separate treaty that incorporates, by reference, the provisions of the Trans-Pacific Partnership (TPP) Agreement (signed but not yet in force), with the exception of a limited set of provisions to be suspended. The 11 countries have a shared vision of the Agreement as a platform that is open to others to join if they are able to meet its high standards.
Importantly for Australia, the TPP-11 ensures that the substantial market access package secured in the original TPP is maintained (i.e. covering goods and services market openings and commitments on regulations on foreign investment). This market access package will be implemented among the TPP-11 Parties, delivering major new opportunities for Australian exporters, investors and firms engaged in international business. The outcome maintains the ambitious scope and high quality standards and rules of the original TPP.
Further information about the TPP-11 outcomes
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.
TPP-11 implementing legislation introduced in Parliament
On 23 August 2018, then Minister for Trade, Tourism and Investment, the Hon Steven Ciobo MP, presented to the House of Representatives two bills which implement Australia’s obligations under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (TPP-11): the Customs Amendment (Comprehensive and Progressive Agreement for Trans-Pacific Partnership Implementation) Bill 2018 and the Customs Tariff Amendment (Comprehensive Agreement for Trans-Pacific Implementation) Bill 2018. The bills were referred to the Senate Legal and Constitutional Affairs Legislation Committee for inquiry and report by 10 October 2018.
More information: Senate Legal and Constitutional Affairs Legislation Committee