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TPP underpins jobs and growth
The Australian Food and Grocery Council (AFGC) has welcomed the revival of the Trans-Pacific Partnership (TPP) overnight. The TPP will underpin the future growth of Australia’s $127.6 billion food and grocery sector, which employs 320,000 Australians and exports over $32.6bn.
AFGC CEO Ms Tanya Barden said the TPP agreement, covering 11 nations that together constitute around 30% of the global economy, would bring significant benefits for Australia’s food and grocery sector.
“This regional trade agreement will further open up some of Australia’s key export markets, particularly in the food, beverage and grocery sectors. The TPP builds on earlier trade agreements with Japan, Malaysia and Singapore,” said Ms Barden.
“The TPP will build on Australia’s existing trade agreements to provide new opportunities for Australian exporters”.
“The significance of export opportunities for the food and grocery sector which exports over $32 billion cannot be understated when it has been under pressure from rising energy costs and six years of domestic retail price deflation continues to cut margins.”
“At a time when Australia’s economic growth is under pressure, we cannot afford to put a handbrake on one of the few shining lights, the agri-food sector. Now is the time to build on our advantage”.
“The TPP covers 11 nations that together constitute around 30% of the global economy, and 4 of Australia’s top 10 export markets for food and beverages. The economic weight of the TPP and common set of rules established among 11 countries will greatly support Australian food exporters, providing Australian jobs and economic growth”.
“One of the strong benefits of an 11 country trade agreement like the TPP is the move to greater alignment and harmonisation across the region on regulation and behind the border trade issues. This is particularly relevant to the export of food items that generally face onerous import controls that differ from nation to nation.”
“The Parliamentary process for reviewing international trade agreements will provide an opportunity to review the TPP agreement in great detail. At the forefront of that review must be the promotion of jobs, investment and growth for Australia’s economic prosperity,” said Ms Barden.
AFGC Media Contact: James Mathews 0407 416 002