The new Pacific Basin Partnership Agreement, known as TPP11, will begin to be applied next December 30, after Australia became the sixth country to ratify it (confirmation of at least six members is required for its application). ).
With the Australian firm, the "60-day countdown for the entry into force of the Agreement and the first round of tariff cuts begins," said David Parker, Trade Minister of New Zealand, depositary country of TPP11.
The Trans-Pacific Partnership Integral and Progressive Treaty has also been ratified to date by Mexico, Japan, Canada, New Zealand and Singapore.
Australian Prime Minister Scott Morrison and his Trade Minister, Simon Birmingham, stressed in a statement Wednesday that the TPP11 "is one of the most comprehensive and ambitious trade agreements signed in recent Australian history."
Australia estimates that it will provide an annual benefit of about 15,600 million Australian dollars (11,052 million dollars or 9,745 million euros) to the national economy by 2030.
With the agreement, Australian farmers and companies will benefit from the exchange with Canada and Mexico and improve access to the Japanese market for beef, wheat, barley and dairy beyond the bilateral agreement with this country.
Morrison recently noted that TPP11 eliminates 98 percent of tariffs in 11 countries with a combined GDP of more than 13.8 trillion Australian dollars (10.6 trillion dollars or 9.2 trillion euros) and with "some 500 million consumers. "
This pact emerged after the United States withdrew from the original TPP on January 23, 2017, three days after Donald Trump's arrival at the White House.
The other signers of TPP11 are Brunei, Chile, Malaysia, Peru and Vietnam.