TOPIC: TRANS-PACIFIC PARTNERSHIP
Labor welcomes the finalisation of negotiations for the Trans-Pacific Partnership Agreement (TPP).
Today’s news comes at the end of five years of negotiations under both Labor and Liberal Governments.
The TPP has significant potential benefits for Australia including improving market access for our goods and services in 12 countries accounting for 40 per cent of global GDP.
The TPP could also be a stepping stone to closer economic engagement across the Asia-Pacific region.
The Government must release the text of the agreement as soon as possible. Right now, the Government is asking Australians to take its word for it.
Labor notes the assurance that no element of the agreement will increase the price of medicines for Australians or undermine the Pharmaceutical Benefits Scheme.
We will hold the Turnbull Liberal Government to that assurance.
Labor opposes the inclusion of Investor State Dispute Settlement provisions in all trade agreements, and will carefully scrutinise relevant provisions in the TPP, including claimed carve-outs.
We will examine the agreement in detail once the text has been released.