Dan Tehan (Wannon, Liberal Party) Share this | Link to this | Hansard source

My question is to the Minister for Trade and Investment—the minister who was known as Mr Trifecta. He will now need a new name, given his—

Tony Smith (Speaker) Share this | Link to this | Hansard source

The member will come to his question.

Dan Tehan (Wannon, Liberal Party) Share this | Link to this | Hansard source

Will the minister inform the House of the wide range of benefits that will flow to Australia from the Trans-Pacific Partnership Agreement?

Andrew Robb (Goldstein, Liberal Party, Minister for Trade and Investment) Share this | Link to this | Hansard source

I thank the member for his question. He is a very well-informed champion of trade and investment and he has played a very notable role in helping to inform the broader public—unlike some of the associates of those opposite.

Along with the powerful trifecta of bilateral agreements with Korea, Japan and China, the TPP forms a key plank of our economic plan to support the diversification of our economy in the post-mining boom era. It is a very critical objective, one in which we are starting to see, with 360,000 to 370,000 new jobs already created, the efforts of a lot of programs. This approach will reduce our reliance on any one sector or any one market, regardless of how strong they are. It will slash barriers not only to Australian goods—with this TPP you will see 98 per cent of all tariffs across the 12 countries eliminated in due course—but, critically and comprehensively, it will also reduce barriers to Australian involvement in services and investment in countries like Vietnam and Malaysia, countries, like Peru, Chile and Mexico, that have often been reluctant to open their doors to services exported from other countries. This deal, along with the trifecta of bilaterals, opens these critical doors to Australia.

This deal will also create a more seamless trading and investment environment amongst 12 countries which represent 40 per cent of the world's GDP and well over one third of all trade in the world. It is a 21st century agreement which embraces the digital economy, setting rules for things such as electronic payments, international telecommunications, the movement of data across borders and paperless common custom rules and information. Use of the digital economy will help our small- and medium-sized businesses participate because it reduces the cost—one paperless form for customs across 12 economies. It is a huge advantage and assistance to reducing the cost and improving the efficiency. Tariffs will go across everything—from beef and dairy, grains and wine, sugar, rice, horticulture and seafood through to manufactured goods, resources and energy. There are also wonderful new openings for a broad range of services—(Time expired)