Australia signs historic trade deal
After eight years of intensive negotiations Australia, along with 11 other Pacific-rim nations, has signed onto the Trans-Pacific Partnership (TPP), the largest trade agreement in history.
The agreement was first drafted in 2005 as a reaction to changes in the global economy and aims to create a greater uniformity of laws and rules the cover labour, investment, intellectual property and tariffs. Joining Australia as signatories in the agreement will be Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, Vietnam and the United States.
Federal Trade and Investment Minister Andrew Robb lauded the deal, telling The Australian, “This is a great moment and a great achievement. I am delighted to say that, what is the biggest global trade deal 20 years since the Uruguay Round, has been concluded.”
Many experts have warned that benefits of the deal for the Australian consumer may be hard to discern immediately. But the TPP is expected to enhance productivity and open opportunities for Australian industry, and give it access to parts of Asia that are currently closed.
The negotiations concluded in Atlanta, Georgia. Governments are expected to reveal the specific details of the agreement in the coming weeks but the secrecy with which they have held negotiation has led to some groups expressing a degree of apprehension, including Australian activist group Get Up that launched a petition that already has drawn over 100,000 signatures.
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