Today, Federal Minister for Trade, Tourism and Investment, Senator Simon Birmingham visited Pasture Genetics Penfield Research Station at Virginia to meet with the media and discuss how the Trans-Pacific Partnership trade deal will benefit this South Australian business and thousands of other businesses across SA and Australia.
“It’s great to be here at Pasture Genetics, a family owned business, and it’s a living demonstration of how trade and market access through the TPP is going to make a positive difference for Australian farmers, Australian businesses, Australian researchers, all of those who work so hard to ensure that we can grow our economy and create jobs and prosperity across Australia,” Simon Birmingham opened.
Australia has today ratified the Trans-Pacific Partnership (TPP-11) trade agreement giving Australian farmers access to more markets, greater opportunities for our businesses, more jobs, and increased investment.
Australia is the sixth country to ratify the agreement, meaning it can now enter into force on December 30 this year. Australia joins Canada, Japan, Mexico, New Zealand, and Singapore as part of the first group to ratify.
The TPP-11 is one of the most comprehensive and ambitious trade agreements in Australia’s recent history.
Australian farmers and businesses will particularly benefit from new high-quality free trade agreements with Canada and Mexico, our first ever with these two of the world’s top 20 economies.
“What this means is that now six countries Canada, New Zealand, Mexico, Japan, Singapore and Australia, have come together to bring the TPP into force. And we’ve done so in a way that ensures that commencing this year, producers like Pasture Genetics will see the benefits of tariff cuts this year and again on the first of January next year. The double benefit that flows through in terms of tariff reduction and market access improvements that the TPP will provide,” Simon Birmingham said.
“Today’s announcement from Senator Birmingham is a welcome piece of good news in what has otherwise been a quite bleak year for agriculture in general,” Pasture Genetics international business manager Sean Coffey said.
“As an agricultural exporter, we welcome any agreement the federal government can negotiate that results in improved access to foreign markets and increased competitiveness of Australian products. And we feel that the TPP-11 achieves both these outcomes,” he continued.
For Pasture Genetics, and the Australian lucerne seed industry, the removal of the 15 per cent tariff on all pelleted lucerne seed shipments to Mexico will put the Australian seed industry on par with the US, who are the major supplier to Mexico, and the greatest competitor to Australian lucerne seed exports globally.
Image: Federal Minister for Trade, Tourism and Investment, Senator Simon Birmingham visited Pasture Genetics Penfield Research Station at Virginia, South Australia.