Tuesday, 12 January 2016
A Trans Pacific Partnership negotiated for Australia by the Coalition Government? Well, what did you expect!
It seems that the Australian Liberal-Nationals Federal Government laboured to bring forth a puny bundle of little joy.....
World Bank, Global Economic Prospects, January 2016:
On October 4, 2015, 12 Pacific Rim countries concluded negotiations on the Trans-Pacific Partnership (TPP), the largest, most diverse and potentially most comprehensive regional trade agreement yet. The 12 member countries are Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, United States, and Vietnam.
The Sydney Morning Herald, 11 January 2016:
Australia stands to gain almost nothing from the mega trade deal sealed with 11 other nations including United States, Japan, and Singapore, the first comprehensive economic analysis finds.
Prepared by staff from the World Bank, the study says the so-called Trans-Pacific Partnership would boost Australia's economy by just 0.7 per cent by the year 2030.
The annual boost to growth would be less than one half of one 10th of 1 per cent….
Since sealing the deal in October the Australian government has been reluctant to commission an economic analysis of its effects, turning down an offer from the Productivity Commission.
Prime Minister Malcolm Turnbull described the deal as a "gigantic foundation stone", saying it would deliver "more jobs, absolutely".
It opens up trade between members but makes trade more difficult with non-members through a process known as "cumulative rules of origin" where members lose privileges if they source inputs from countries outside the TPP.
The Productivity Commission has been strongly critical of the provisions saying that they turn so-called free trade agreements into "preferential" agreements.
The Partnership also requires members to sign up to tough intellectual property provisions and to submit to investor-state dispute settlement procedures administered by outside tribunals.
World Trade Online says the negotiating parties are planning to sign the agreement in New Zealand on February 4. It says Chile has confirmed the date and some trade ministers have already made arrangements to travel to Auckland, but it says New Zealand has yet to issue formal invitations.