Late ratification of CPTPP: Australia warns of hurting commercial interests
(VOVWORLD) - Australia’s new Trade Minister Simon Birmingham has warned that the country’s major economic sectors may suffer losses if the Parliament does not pass a bill enabling the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP).
He made the remarks ahead of the submission of CPTPP for the Senate’s approval on Monday. It’s estimated that the deal would earn Australia 15.6 billion Australian dollars (roughly 11 billion USD) by 2030.
CPTPP will take effect 60 days following its ratification by 6 out of 11 member countries. Japan, Singapore, and Mexico has ratified the deal while New Zealand and Canada are finalizing processes to adopt it. If Australia postpones its ratification, New Zealand and Canada will enjoy reduced taxes of exporting beef, wine, and cheese products.