The Australian Parliament today approved the new Pacific Basin Association Agreement, known as TPP11, which is another step for its potential entry into force that is expected later this year.
"The approval of the law in Parliament puts Australia a step away from being part of the first group of countries to ratify the agreement," Australian Prime Minister Scott Morrison said in a statement after the Senate's approval of the agreement.
The Integral and Progressive Treaty of the Trans-Pacific Partnership has been ratified to date by Mexico, Japan and Sngapur but it is necessary that at least six of the eleven countries that compose it comply with this procedure so that it becomes effective.
"This landmark agreement is one of the most comprehensive trade agreements ever concluded and eliminates 98 percent of tariffs in 11 countries with a combined GDP of more than AUD 13.8 trillion (USD 10.6 trillion). EUR billions) and about 500 million consumers, "said Morrison.
Independent projections suggest that Australia would have an annual benefit of AUD 15,600 million (USD 11,130 million or EUR 9,629 million) in its national income in 2030 as a result of TPP11.
Canada and New Zealand are the nations that also have the most advanced steps for ratification.
They are also signatories to TPP11, Brunei, Chile, Malaysia, Peru and Vietnam.
That pact emerged after the United States withdrew from the original TPP on January 23, 2017, three days after the arrival of Donald Trump to the White House.