South Australia is well placed to benefit from the signing of the Trans Pacific Partnership.
Minister for Investment and Trade Martin Hamilton-Smith said the formal signing of the Trans Pacific Partnership by Federal Trade and Investment Minister Andrew Robb in the United States, has cleared the path for South Australian industry to expand internationally.
“The Trans Pacific Partnership has presented opportunities for South Australian businesses to strengthen their investment and trade relationships in the Pacific Rim, and create jobs growth prospects,” Mr Hamilton-Smith said.
“This historic agreement will further integrate South Australia into the fast growing Asia Pacific region by removing barriers to trade and investment.
“The South Australian Government will now carefully assess the risks and opportunities associated with the landmark deal.
“The ambitious agreement will be the biggest outside of the World Trade Organisation. It includes 12 countries – Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States and Vietnam.
“Signatories represent almost 40 per cent of the global economy, or around $US 28 trillion.”
“The Federal Government has indicated that 98 per cent of tariffs in the region will be eliminated.
“More and more South Australian businesses are looking beyond their existing domestic markets, selling premium products and services to the world,” Mr Hamilton-Smith said.
“It is hoped this historic agreement will create more export and investment opportunities in the Asia Pacific for South Australian businesses.
“The Trans Pacific Partnership Trade Agreement complements the recently signed China- Australia Free Trade Agreement, Japan-Australia Economic Partnership Agreement and Korea-Australia Free Trade Agreement.
“It will promote economic growth in the Asia Pacific, further integrating South Australia into the region and creating a platform for expanding trade relationships.
“South Australia has sent a strong signal that it is serious about doing business across all international sectors.”
News Release, Government of South Australia, 29 September, 2015