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Twelve Pacific Rim countries will boost jobs and growth with new trade deals

Twelve Pacific Rim countries will boost jobs and growth with new trade deals

Feb 03,2016

Trade Minister Andrew Robb says that "enormous prospects" for jobs and economic growth offered by new Pacific trade deal.

Mr. Robb will head to Auckland on Wednesday ahead of Thursday's signing of the Trans-Pacific Partnership.

Mr. Robb said "This offers enormous prospects for driving growth and jobs in Australia,"

Green light from parliament is required for elements of the deal.

Labor holds interests regarding investor-state dispute settlement provisions, which allow foreign investors to sue the government if their profits are affected by any Australian law or policy.

To test government claims about the trade’s benefits, the oppositions will also use the parliamentary treaties committee

The government says the TPP will eliminate more than 98 per cent of tariffs in the TPP region, removing import taxes on about $9 billion of Australian trade.

The TPP was finalized in October after five years of negotiations, with Australia, New Zealand, Brunei, Canada, Chile, Japan, Malaysia, Mexico, Peru, Singapore, the United States and Vietnam all parties to the agreement.

 

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