Sydney Morning Herald, 6 October 2015. TPP: what the trade pact means for Australia, by Rose Powell.

An edited extract of the original article appears below.

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The Trans-Pacific Partnership, agreed after eight years of negotiations, is designed to create major changes in the economies of the 12 signatories, including Australia. The negotiations around the complex series of agreements faltered several times, including over protection of the intellectual property of pharmaceutical companies, which could have sent basic medicine prices skyrocketing.

Trade Minister Andrew Robb has said such an issue was a deal-breaker for Australia and it is believed a compromise was found shortly before the final agreement was signed.

It is one of the largest free-trade agreement in history but economists are warning its impact will be felt only over the long-term. Even if it is ratified by every involved country, it will take years before it has any effect.
Advertisement”While the negotiators themselves have hailed the agreement as ‘transformational’, there are good reasons for caution. For a start, there are several hurdles to overcome before it is implemented,” Capital Economics senior global economist Andrew Kenningham said.

“Nonetheless, this is still a potentially historic agreement which has the scope to reinvigorate global trade and investment over the long term.”

The original article proceeds to give a summary of the following eight areas:
  1. Who is involved in the partnership?
  2. What is it?
  3. Reduction of tariffs
  4. It could add billions to Australia’s agricultural industry
  5. Newer industries likely to benefit
  6. Connecting supply chains and partnerships across borders
  7. It covers a very wide range of industries
  8. Target policies that will need changes

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