Arthur Sinodinos (NSW, Liberal Party, Cabinet Secretary) Share this | Hansard source

I thank Senator McKenzie for her question. She is a tireless advocate for Bendigo, Victoria and rural and regional Australia, a great Australian and a great coalitionist. The TPP, as I never tire of saying, is the biggest trade deal in the world for 20 years. The TPP involves 12 countries who collectively represent 40 per cent of global output, or about $28 trillion, as well as 800,000,000 people. In 2013 Australia exported around $15 billion worth of agricultural goods to 12 TPP countries. This is close to one-third of Australia's total exports of these products. TPP will eliminate tariffs on more than $4.3 billion of Australia's dutiable exports of agricultural goods, and a further $2.1 billion of such exports will receive significant preferential access through new quotas and tariff reductions.

The US Department of Agriculture has done modelling that shows Australia would be the biggest beneficiary of all of the 12 countries under the TPP, so by 2025 the TPP could add US$2.6 billion to the annual value of our agricultural exports—an increase of more than 19 per cent. This would include $1.6 billion extra for our meat exports, $357 million for dairy exports, $161 million for cereal exports and $485 million extra across a range of other areas of agriculture and horticulture. We have an enviable reputation for premium clean, green and safe produce, and the TPP will help ensure our farmers have the market access they need to drive home the advantage we have over many of our competitors in terms of quality and efficiency.