A new trade agreement signed after the USA withdrew from trade negotiations is considered “a vital win” for Australia, according to the country’s prime minister Malcolm Turnbull.
The countries participating in the pact include Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.
Signed last week in Chile by Australian trade minister Steve Ciobo, the agreement will see the removal of 98% of tariffs import in the Trans Pacific region including a range of Australian exports from beef, dairy, seafood to wine, iron, copper and petroleum.
“The world will be drinking more Australian wine, eating more Australian beef and using more Australian services thanks to the TPP-11,” the trade minister was quoted as saying.
When the agreement is in operation, import tariffs on Australian wines in key export markets, such as Japan, will be eliminated in seven stages from the current 15% to zero, according to Winemakers’ Federation of Australia.