Pic source: namag.com.au
Farmers and agribusiness learned how they can directly benefit from major trade agreements in North Asia and the Asia-Pacific at seminars hosted by Nationals Senator Bridget McKenzie during the Elmore Field Days.
The seminars included an address by the Assistant Minister for Trade and Investment, Senator Richard Colbeck, followed by an interactive panel discussion with trade and industry representatives, and attendees.
“It was great to see the turnout of interested farmers and businesses from across regional Victoria who were interested in, or ready to export to new market opportunities through the free trade agreements with Korea, Japan and China, and the Trans-Pacific Partnership secured by the government this week,” Senator McKenzie said.
Senator McKenzie, a member of the government's Joint Committee on Foreign Affairs, Defence and Trade, said the latest TPP trade agreement involves 12 countries that account for about 40 per cent of the global GDP.
It will eliminate over 98 per cent of tariffs in the TPP region, removing import taxes on around $9 billion of Australian trade, particularly benefitting farmers, manufacturing and the resources sector.
“Around $15 billion worth of Australian agricultural exports went to TPP countries last year, representing close to 33 per cent of Australia’s total exports of these products,” Senator McKenzie said.
“The agreement will eliminate tariffs on more than $4.3 billion of Australia's agricultural goods exported to TPP countries and a further $2.1 billion of exports will receive significant preferential access through new quotas and tariff reductions.
“The TPP also builds on existing access Australia has with its FTA partners and creates market access to countries where we do not have a trade agreement.
“These historic trade agreements make exporting a more attractive prospect by guaranteeing new levels of access to these markets. This is the case for regional businesses, small or large, whether they have five or 5,000 staff.
“The agreements will also encourage greater investment, innovation and jobs in our regions.”
To discuss what's involved and how to start exporting, regional businesses can contact Austrade http://www.austrade.gov.au/Contact/Offices/australia or AusIndustry http://www.business.gov.au/contact-us/Pages/default.aspx.
Further details on trade benefits from the FTAs and TPP are available at: http://dfat.gov.au/trade/agreements/tpp/news/Pages/tpp-pact-to-drive-jobs-growth-and-innovation-for-australia.aspx