The historic ratification of the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) today in New Zealand has been welcomed by Australia’s 82,500 red meat businesses.

Australia is the sixth member to ratify the agreement, which required more than half of the eleven signatories to ratify prior to the agreement entering into force.

Australia’s red meat supply chain policy leadership group, the Red Meat Advisory Council (RMAC), has applauded the ratification today of the CPTPP by the Australian Government.

Independent Chair of RMAC, Mr Don Mackay, said a trade deal of this scale benefits the entire supply chain, from farmers, lot feeders, manufacturers and livestock exporters.

“The Australian red meat and livestock industry is a major exporter – exporting up to 70 per cent of our product – and our 82,500 businesses and the 438,000 direct and indirect jobs that rely on global trade welcome the expedient ratification and entry into force of the CPTPP.”

“The CPTPP is a landmark trade deal involving eleven countries and is the largest agreement of its kind which will provide significant earnings to our $10 billion-dollar beef, sheepmeat and goatmeat export industry.”

“This CPTPP will help us deliver on our ambitious industry led economic goal of unlocking $3 billion in trade and market access diversification by 2030; and will have an estimated savings in regulatory streamlining of around $1 billion dollars.”

The first tariff cut under the CPTPP will take place on 30 December 2018, followed swiftly by the second tariff cut on 1 January 2019.

“In particular, this places the Australian red meat and livestock industry in a prime position to hold its market share in Japan with a substantial reduction in tariffs.”

“Australian beef will ultimately face a per cent tariff reduction to 9 percent over time versus US beef continuing to incur import tariffs of 38 percent, assuming the US does not become a partner to the CPTPP.”

The CPTPP will offer key gains throughout to Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.

Mr Mackay thanked the many industry and government stakeholders who had contributed to the passage of the CPTPP from its inception in 2008.

“An enormous thanks to the current and former Cabinet who drove the CPTPP, the teams of diplomats and negotiators at the Department of Foreign Affairs and Trade (DFAT) and of course the Australian red meat and livestock industry’s trade and market access advisors at Meat & Livestock Australia and RMAC members.”

“The CPTPP shows us what trade can deliver for Aussie red meat businesses and jobs and we call on both sides of politics to continue to provide bipartisan support to trade deals.”