Trans-Pacific Partnership signed
Posted on Thursday, February 04, 2016 - Category: In the News
The official signing of the Trans Pacific Partnership (TPP) in Auckland, on 4 February has been welcomed by the Australian Dairy Industry Council (ADIC). The signing follows an agreement reached between the twelve negotiating countries on 6 October 2015.
The TPP made some gains made for the Australian dairy industry in improving opportunities in key export markets such as Japan.
The conclusion of the TPP continues a historic period of increased trade liberalisation over the past few years.
Following the signing ceremony, Australia must now go through a domestic ratification process. This means that before any binding treaty action is taken, the TPP text and a National Interest Analysis will be tabled in Parliament for 20 joint sitting days.
The Joint Standing Committee on Treaties (JSCOT) will conduct an inquiry into the TPP and report back to Parliament on 'matters arising from the TPP treaty
and related National Interest Analysis and proposed treaty actions presented or deemed to be presented to the Parliament.'
The ADIC will provide a submission to the inquiry.