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Australia's decision on Tuesday to sign the Trans-Pacific Partnership (TPP) will open up major trading opportunities which would help sustain its economy following the end of the mining boom earlier this decade, officials here said.
Australia's Trade Minister, Andrew Robb, released a statement on Tuesday, saying the TPP "will make doing business across the region easier," allowing freedom for importers and exporters to bring in goods, tariff free.
"It will slash barriers to Australian goods exports, services and investment and eliminate 98 percent of all tariffs across everything from beef, dairy, wine, sugar, rice, horticulture and seafood through to manufactured goods, resources and energy," Robb said.
Australia joined 11 other Pacific Rim nations in signing the historic TPP, the largest multi-national trade pact since the turn of the millennium.
The 11 nations include Brunei, Canada, Chile, Japan, Malaysia, Mexico, Peru, New Zealand, Singapore, the United States and Vietnam.
Meanwhile, Prime Minister Malcolm Turnbull told Melbourne radio station 3AW that the abolition of the tariffs would result in greater export opportunities for Australian farmers and producers as details of the pact indicate greater freedom for businesses to grow outside of Australia.
The agreement would create more jobs for Australians and simulate Australia's economy, which had slowed markedly after the nation's mining boom ended in 2014, Robb said
"As a regional trade agreement, the TPP creates benefits for consumers and businesses beyond those that can be achieved under bilateral FTAs -- helping to create jobs and a stronger Australian economy," Robb said on Tuesday.
Trade officials had originally planned to wrap up the talks in Atlanta on Thursday, but a final deal was delayed by bitter fights over agricultural market access, rules of origin for autos and intellectual property protections for a new generation of drugs known as biologics. Enditem
