North Asia Trade Agreements
Australia has three significant new trade agreements with China, Japan and Korea. They cover a greater share of our exports than all our previous trade agreements combined.
This trifecta of trade agreements mean Australian exporters now have preferential access to all these north Asia powerhouse economies – including China’s burgeoning services sector.
This kind of access is unprecedented – and unmatched by any major advanced economy. The trade agreements mean that Australia is seen by international investors as a “go to” destination for establishing export platforms to tap into North Asian markets.
The historic Trans-Pacific Partnership (TPP) Agreement will eliminate more than 98 per cent of tariffs among 12 economies (Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, Peru, New Zealand, Singapore, the United States and Vietnam).
Tariffs on US$9 billion of Australia’s exports to TPP countries will be eliminated. Once implemented, the agreement will drive job creating growth across the Australian economy.
Reductions in tariffs and other trade barriers will establish a seamless trade and investment environment.
When combined with our landmark North Asia trade deals, the TPP will also provide greater opportunities for our businesses, reduce costs and red tape and facilitate participation in regional supply chains. The TPP offers a pathway to trade and investment across the entire region.
Asia Region Funds Passport
The Government is also championing participation in the Asia Region Funds Passport which will enable Australian fund managers to more easily export their services to foreign clients.