Queensland farmers in ‘major win’ from TPP trade deal

Trade barriers will be torn down today for Queensland farmers, who are preparing to rake in tens of millions of dollars more from the start of the new Trans-Pacific Partnership.

TRADE barriers will be torn down today for Queensland farmers, who are preparing to rake in tens of millions of dollars more from the start of the new Trans-Pacific Partnership.

In some good news for struggling farmers, producers are now banking on exporting their clean and green sugar, cotton and beef to expanded markets, in one of the biggest trade deals ever negotiated.

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Of the 11 countries that signed on to the deal, tariff reductions for Australian exporters kick off today in Japan, Mexico, Canada, Singapore and New Zealand.

The deal takes effect in Vietnam on January 14, and in Chile, Malaysia, Peru and Brunei, which have all agreed to the agreement, once they ratify it.

Queensland industries will score immediate gains through the tariff reductions and better access to new markets across the Americas and Asia.

Queensland farmers and businesses already export $15.7 billion of produce and goods to TPP member countries, but the deal means deeper access and better financial gains.

Reduced tariffs mean products become cheaper, which in turn prompts foreign consumers to buy more.

Trade Minister Simon Birmingham said the deal would be a major win for Queenslanders.

“Queensland has an international reputation for its premium and high-quality produce, and now it will be enjoyed by more people around the world,’’ Senator Birmingham said.

“The opportunities for Queensland farmers are vast, with new access into Asia for sugarcane growers, while cotton producers stand to benefit from the elimination of all tariffs on Australian cotton exports under the TPP.

“Trade deals open new markets, create certainty for businesses, and are a key plank of our government’s plan to further strengthen our economy and create more jobs.”

He said the TPP-11 would build on the Coalition’s success in opening up new export pathways for Australian businesses.

New trade deals have also come into effect with China, Japan and South Korea.

“Importantly, these deals are yielding results, with Australia having recorded trade surpluses for 21 of the last 24 months, reversing a long-running trend of monthly trade deficits,” he said.

“It’s hard to believe Labor would have walked away when the US walked out on the TPP, and even more concerning is that in recent weeks, Labor endorsed a trade policy that now entirely bows down to union demands rather than a policy that will secure more opportunities for Australia’s farmers and businesses.”