Mar 09, 2018

AiG: TPP-11 agreement displays free trade spirit

“The spirit of free trade seen in the signing of the TPP-11 agreement in Chile was a welcome development albeit under the shadow of the pending new US tariffs on steel and aluminium,” said Australian Industry Group Chief Executive, Innes Willox.

“Many Australian companies have a diverse global footprint that gives them proximity to customers and suppliers and for them unilateral trade action outside global rules is likely to have a very negative impact.”

“In regard to the TPP-11 signed today, the Government’s negotiating team led by Trade Minister Steve Ciobo is to be congratulated for delivering this important trade deal.”

“While Australian manufacturers already have extensive market access in most TPP-11 countries, iron and steel products and aluminium exported to Canada will be tariff free on entry into force of the TPP-11. Iron and steel products exported to Vietnam will be tariff free within 10 years of entry into force of the TPP-11.”

“Importantly, for the first time in a trade agreement, TPP-11 countries will guarantee the free flow of data across borders for service suppliers and investors as part of their business activity. This ‘movement of information’ or ‘data flow’ is relevant to all kinds of Australian businesses – from a manufacturer with offshore sales offices and online order systems to a telecommunications company providing data management services to businesses across a number of TPP-11 markets.”

“Worldwide data flows are the railways of the future and as such their value lies not in the country that holds the data but rather in how far that data can stretch across the globe. Countries that collaborate and share information and reject isolationism will be the ultimate winners.”

“It is disappointing that the United States is not part of the final TPP, however this agreement is designed to be flexible and we hope that once the US sees the benefits delivered to the member countries they may sign up to the pact in the future,” Mr Willox said.

Source: AiG

Mar 08, 2018

CCC welcomes signing of Pacific Trade Agreement

The Canadian Chamber of Commerce welcomes signing of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). This agreement represents a major opportunity for Canadian businesses to gain greater access to the fast-growing Asia-Pacific region.

“It is vital that Canadian businesses continue to diversify their export markets. This agreement will bring down trade barriers for companies across a number of sectors and open up access to some of the most important markets in the world,” said the Hon. Perrin Beatty, President and CEO of the Canadian Chamber of Commerce. “The Chamber will do everything we can to ensure that Canadian businesses take full advantage of the opportunities that are being created.”

Canadian businesses will have access to nearly 500 million consumers through this agreement. Canada’s engagement in this region is important as it builds our presence in markets where we should be doing much more business.

The Canadian Chamber calls on the government to work closely with sectors and regions that may be adversely affected by the agreement. We welcome the release of the CPTPP side letters and continue to encourage the government to use all possible policy measures to ensure the Canadian business environment is a competitive destination for investment in all sectors of the economy.

Source: CCC
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