This is what the deal will include:
- The abolition of all tariffs on seafood, wine, sheep meat, cotton wool and manufactured goods across the region
- New bilateral trade deals for Australia with Canada and Mexico
- Japan speeding up the reduction of import barriers for Australian beef imports
- Japan eliminating several tariffs on Australian cheese imports
- Improved conditions for Australian service exports within the region — such exports were worth more than $18 billion last financial year
One of the differences without the US is scale:
- The deal would have covered about 40 per cent of the global economy
The deal would have covered about 40 per cent of the global economy and a quarter of world trade if the US stayed in.
The Australian Industry Group says it would have naturally been stronger with the participation of the US.
- But Dairy Australia says the absence of the US from the deal is a positive for the Australian dairy industry.
"The US has in past years … been a real cost competitor into Japan. They tend to compete on price, so of course the more tariffs and barriers they face, the more difficult it is for them to do that. It's only a good thing for us that the US has excluded themselves from that agreement," Mr Droppert said.
What has changed without the US?
- 20 major clauses insisted upon by America have been excluded, apparently much to everyone's relief. Clauses that would have benefitted the US at the expense of everyone else now are gone. (Don't actually know which ones these are.)
We can see the original TPP here.
These are the terms that have been removed:
- certain provisions relating to patentable subject matter;
- the requirements to provide patent term extensions in the case of delays in granting a patent or providing marketing approval of a pharmaceutical invention;
- the requirement to protect undisclosed pharmaceutical test data;
- the provisions relating to biologics;
- the provisions requiring an increase in the term of protection provided by copyright;
- the requirements for civil and criminal penalties relating to:
- circumvention of technological prevention measures (TPM);
- circumvention of rights management Information (RMI);
- decoding of encrypted satellite and cable signals; and
- provisions relating to legal remedies against ISPs and the grant to them of safe harbours.
Other IP-related obligations will remain in the CPTPP, including those relating to:
- the expansion in scope of Customs’ border-enforcement powers to include goods for export and ex officio seizure powers;
- protection for performers’ property and moral rights; and
- expanded remedies for trade mark infringement.