New study shows TPP-11 delivers zero agricultural trade benefits, shrinks manufacturing
September 6, 2018
“The economic modelling of the impact of the proposed TPP-11 by 10 business groups released yesterday, actually shows the failure of the deal to deliver tangible economic benefits to most Australians and key industry sectors. As Crikey put it, even the spruikers of the deal can’t find real benefits in it,“ AFTINET Convener Dr Patricia Ranald said today.
“The rural publication the Weekly Times noted the new modelling shows that Australian agriculture stands to make zero gains in exports under the TPP-11, The report also acknowledges that manufacturing output will shrink in Australia by 2 per cent under the TPP-11 (p.26). Any increased exports would be completely offset by increased imports,” added Dr Ranald.
The study has been sent to all Senators in an attempt to influence the coming vote on the implementing legislation for the TPP-11.
“The report tries to distract from the lack of real economic benefits from theTPP-11, by modelling possible benefits which could occur in the future if the TPP-11 expanded to cover 16 countries. This is completely speculative, since the deal has not yet been ratified by the existing 11 signatories,” said Dr Ranald.
“The report says the TPP-11 will add less than 0.5% to Australian GDP by 2030. The report does not evaluate the costs of the TPP-11, including foreign investor rights to bypass national courts and sue governments over domestic legislation and increased numbers of temporary migrant workers vulnerable to exploitation,” said Dr Ranald.
Download a pdf of the media release here.