Legislation has passed parliament that will reduce tariffs through the landmark trade deal, Trans-Pacific Partnership (TPP-11).
Assistant Minister for Home Affairs, Senator Linda Reynolds, says this legislation will give Australia an edge in the global markets, helping Australian farmers, manufacturers and businesses which trade across the Americas and Asia, and opening up new export opportunities to 500 million consumers
"The passage of this implementing legislation brings Australia one step closer to reaping the benefits of the TPP-11. Australia is now on track to join the first group of countries to implement this agreement," Assistant Minister Reynolds said.
"I welcome these changes which will lower costs for Australian businesses and increase demand for Australia's goods and services."
"This is another example of the Government putting Australian businesses first, and working on a global scale to ensure we remain a strong, competitive economy."
"I thank the trade ministers who have led negotiations on the TPP-11 since 2008, a truly next-generation trade deal and I look forward to seeing it come into effect."
The TPP-11 will take effect 60 days after any six countries have ratified the Agreement.
The amendments to the Customs Act 1901 and the Customs Tariff Act 1995 enable eligible goods from specific countries party to the to the TPP, to be imported at lower tax rates of customs duty.