Officials from eight Asia-Pacific countries have met in Melbourne to begin discussing the future of trade agreements between Australia and their nations.
This first meeting of the Trans-Pacific Partnership (TPP) will pave the way for better trade arrangements which will benefit Australia and its Asia-Pacific trade partners including the US, Singapore, Chile, NZ, Peru, Brunei and Vietnam.
The Trans-Pacific Partnership parties are home to 470 million people and have a combined gross domestic product of A$17.7 trillion.
Vic Industry and Trade Minister Jacinta Allan said the meeting provided “an opportunity to showcase Victoria’s strengths, such as the automotive industry and our manufacturing sector, to our Pacific partners”.
“Through initiatives such as the Access America Program and our latest addition to the Victorian Government Business Office network in SE Asia, we are actively developing new trade opportunities and further expanding trade and investment links across the Asia-Pacific,” she said.
“Victoria offers world leading strengths in advanced manufacturing, biotechnology, funds management, and energy and environmental technologies and we have in place the right frameworks and setting for businesses to invest in our state.”
There will be four negotiating rounds per year, with the next round tentatively scheduled for June.