Trans-Pacific Partnership deal to end tariffs to 11 nations

BEEF and dairy farmers, sugar growers and winemakers are set to cash in as 11 nations, ­including Australia, seal a new trade deal worth $13.7 trillion.

BEEF and dairy farmers, sugar growers and winemakers are set to cash in as 11 nations ­including Australia seal a new trade deal worth $13.7 trillion.

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The Trans-Pacific Partnership will be formally signed in Chile tomorrow morning after months of talk, led by Australia in the wake of Don­ald Trump’s decision to pull the United States out.

More than 98 per cent of tariffs will be abolished for ­exp­orters across a range of industries, including cotton, wool, seafood, cereals and grains.

Trade fees will also be scrapped for non-agricultural products such as gas, leather, iron, steel and aluminium.

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Prime Minister Malcolm Turnbull with Minister for Trade, Tourism and Investment Steve Ciobo at the Trans-Pacific Partnership meeting. Picture: AFP

“The more Australian products and expertise sold to the world, the more Australian jobs (will be) created,” Trade Minister Steve Ciobo said.

Nearly a quarter of Australia’s exports went to the countries involved in the deal last year, which will rise with the elimination of tariffs, including the first free trade agreements with Canada and Mexico.

Mr Ciobo signalled the deal was still open for the United States to sign up, as he delivered a veiled jab at Mr Trump’s controversial move to place tariffs on steel imports.

“(The agreement) sends an important message to the world that prosperity is achieved through breaking down trade barriers, not building them,” he said.