{"id":9225,"date":"2020-11-16T15:37:00","date_gmt":"2020-11-16T15:37:00","guid":{"rendered":"http:\/\/www.16news.com.au\/?p=9225"},"modified":"2020-11-16T15:37:00","modified_gmt":"2020-11-16T15:37:00","slug":"regional-trade-deal-to-boost-export-opportunties-for-aussie-farmers-and-businesses","status":"publish","type":"post","link":"http:\/\/www.16news.com.au\/index.php\/2020\/11\/16\/regional-trade-deal-to-boost-export-opportunties-for-aussie-farmers-and-businesses\/","title":{"rendered":"Regional trade deal to boost export opportunties for Aussie farmers and businesses"},"content":{"rendered":"

Australian farmers and businesses are set to benefit from better export opportunities with the signing of the Regional Comprehensive Economic Partnership (RCEP) Agreement between Australia and 14 other Indo-Pacific countries.
\nPrime Minister Scott Morrison said the signing of this long-awaited agreement signalled our region\u2019s shared commitment to open trade and investment, despite the challenges of COVID-19.
\n\u201cOur trade policy is all about supporting Australian jobs, boosting export opportunities and ensuring an open region with even stronger supply chains. RCEP builds on our trade successes and is good news for Australian businesses,\u201d Prime Minister Morrison said.
\n\u201cWith one in five Australian jobs reliant on trade, the RCEP Agreement will be crucial as Australia and the region begin to rebuild from the COVID\u201119 pandemic.
\n\u201cThis agreement covers the fastest growing region in the world and, as RCEP economies continue to develop and their middle classes grow, it will open up new doors for Australian farmers, businesses and investors.\u201d
\nTrade Minister Simon Birmingham said RCEP would be the world\u2019s largest free trade agreement and would improve export opportunities for Australian farmers and businesses, especially in the services sector.
\n\u201cThis deal will further integrate Australian exporters into a booming part of the globe, with RCEP countries making up nearly 30 per cent of world GDP and the world\u00b4s population,\u201d Minister Birmingham said.
\n\u201cRCEP has been driven by the ten ASEAN nations, who collectively constitute Australia\u2019s second largest two-way trading partner and have successfully brought Australia, China, Japan, New Zealand and South Korea into this regional trading block with them.
\n\u201cThis agreement may have taken eight years to negotiate but it could not have come at a more important time given the scale of global economic and trade uncertainty.
\n\u201cEconomic cooperation of this scale sends a strong signal that our region is committed to the principles of open trade for the post COVID-19 recovery, just as we advanced them during the previous years of strong economic growth.
\n\u201cGreater openness within our region, as well as the greater integration of value chains and more common rules of origin which this deal delivers, will make it easier for Australian businesses and investors to operate throughout our region, helping Australia to continue to grow our exports.
\n\u201cThere are particular gains for Australian providers within the financial services sector, education, health, engineering and other professional services, who can become better integrated within the region and have more access within RCEP countries.
\n\u201cAustralia is committed to fully ratifying RCEP as soon as possible so Australian farmers, businesses and investors can start to access the benefits of this agreement. It will also be an inclusive agreement, with the door open for others, especially India, to join if and when they are ready.\u201d
\nAustralia will also commit $46 million to provide technical assistance and capacity building to help eligible ASEAN countries implement their RCEP commitments, ensuring RCEP delivers on its full potential.
\nWhen finalised, the main benefits for Australia will be:<\/p>\n