CANBERRA: The 12-nation Pacific free trade deal could add an extra $US2.6 billion ($A3.67 billion) to Australia’s agricultural exports.
Farmers stand to get a major boost from the historic accord signed on Tuesday, with tariffs reduced or cut for beef, dairy, wine, sugar, rice, horticulture and seafood.
“The Trans-Pacific Partnership will usher in a new era of trade growth for Australia linked to innovative global value chains, agriculture and high-value services,” HSBC Australia chief executive Tony Cripps said.
One third, or $A109 billion, of Australia’s trade last year was with the countries that have signed up to the TPP, including the United States, Canada and Japan.
