Arthur Sinodinos (NSW, Liberal Party, Cabinet Secretary) Share this | Hansard source

Indeed this is a red-letter day. I can see Senator Whish-Wilson is getting excited already because I can confirm what he suspected. After commencing in 2010, the TPP negotiations were concluded in October last year. The Minister for Trade and Investment in Auckland this morning, at 09:00 am Australian time, with 11 of these counterparts from across the Pacific actually signed the agreement. So I can confirm to the chamber that the rubber will now hit the road in terms of the scrutiny that members in this chamber have been looking for, because, after the signing ceremony, there will be a process through the national interest analysis, through the Joint Standing Committee on Treaties and through other processes to look at the great net benefits that this particular TPP will provide to Australia. We have now reached formal agreement with Brunei, Canada, Chile, Japan, Malaysia, Mexico, Peru, New Zealand, Singapore, the US and Vietnam on the biggest trade deal in a generation. Think of what this means for less developed countries in the region. There are benefits to advanced countries, but if you really care for developing countries in our region you will support the Trans-Pacific Partnership.

It is a great milestone for Australia and will form a key part of our economic prosperity for decades to come. It is yet another notch in the belt for the coalition, particularly for the trade minister, Andrew Robb, who has delivered. Since coming to office in 2013, this government, and Andrew Robb in particular, has concluded four major free trade agreements. So between our trade agreements with China, Japan and South Korea, and now the TPP, we have free trade agreements in place that cover almost half of all global economic activity. The legal review and the official translation of the TPP have been finalised. The treaty text, relevant Australian side letters— (Time expired)