Newspaper article The Morning Bulletin (Rockhampton, Australia)

Big Business Lauds TPP; Unions, Labor and Cross-Benchers Waiting on Detail of Huge Trade Deal

Newspaper article The Morning Bulletin (Rockhampton, Australia)

Big Business Lauds TPP; Unions, Labor and Cross-Benchers Waiting on Detail of Huge Trade Deal

Article excerpt

Byline: Daniel Burdon APN Newsdesk

AS THE business community mostly backed the Trans-Pacific Partnership trade deal yesterday, Prime Minister Malcolm Turnbull declared it a "gigantic foundation stone of our future prosperity".

Miners, major business groups and most farmers backed the deal, but unions expressed concerned about the lack of detail released to date.

Business Council chief Jennifer Westacott said it would create an opportunity to "supercharge" many sectors of Australia's economy through new trade opportunities.

The deal, which has taken eight years to negotiate, covers 12 countries and 40% of the world's trade, and eliminates 98% of tariffs between those involved.

The National Farmers Federation said the deal was generally good news for agriculture, but sugar producers were disappointed Australia had achieved an increase of only 65,000 tonnes of sugar a year to the US -- far short of the 500,000 to 700,000 tonnes the sector had wanted.

Pharmaceutical industry lobby Medicines Australia was concerned it could affect the availability of new biological drugs in Australia. …

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