05 Feb From CEO David Jacobs
On 30 December 2018, while most of us were enjoying the summer break, a most important trade treaty came into force. The TTP-11, officially known as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, came about as a result of revived discussions amongst the initial 11 signatory countries – following on from the decision of the US to withdraw from the agreement in January 2017. The TPP-11 builds on the tariff reductions negotiated under Australia’s existing economic agreement with Japan, JAEPA, and is expected to boost trade between the two countries.
AJBCC Executive Committee member Peter Grey is a former Ambassador to Japan, the EU, WTO and APEC, as well as a former Chief Trade Negotiator. On the TTP-11, he commented: “it is the most significant trade agreement in more than 20 years. As well as improving market access, it provides a benchmark for rules governing trade including newer areas such as digital trade; it’s attuned to the needs of business, both large and small, in the twenty-first century.”