10:27 | 11/10/2015 Global Economy
The Trans-Pacific Partnership (TPP) deal is a big win for Australia, Prime Minister Malcolm Turnbull said at a press briefing on Tuesday, adding that the deal is a “gigantic foundation stone for participants’ future prosperity”. Australia’s Trade Minister Andrew Robb said the deal would bring Australia many new interests and business opportunities in the fast growing Asia Pacific region, marking a new era of growth.
Trade ministers from the twelve TPP member countries participate in the closing press conference in Atlanta, Georgia. Photograph: Erik S. Lesser/EPA
The Japanese government will create a headquarters, which will include all members of the Cabinet of Ministers, to address the preparation and signing of the trade deal, Japan's Prime Minister Shinzo Abe said Tuesday.
Under the deal, Japan will have to cut its agricultural taxes in exchange for other economic benefits.
The Malaysian Minister of International Trade and Industry Mustapa Mohamed said in a statement on Thursday that the 12-nation partnership would "promote trade and investment and help Malaysia mitigate the challenges of the global economic environment". He said the TPP would also provide Malaysian companies with “greater market-access opportunities” to markets in the Americas such as the United States, Canada, Mexico and Peru, with which Malaysia did not previously have any free-trade agreements.
Publicly, China has been circumspect about the TPP. China’s vice finance minister, Zhu Guangyao, has said the TPP would be “incomplete” without it. “As China becomes more open,” he said earlier this year, “it’s very important for us to be integrated into the global trade system with high standards.”
The Republic of Korea’s government hailed the TPP deal and said Seoul would join the deal as soon as it could./.