Northern Territory Government Newsroom

Historic Trade Agreement to benefit the NT

Minister for Asian Engagement and Trade Peter Styles has capitalised on the opportunity to engage in talks with Japanese leaders in the wake of the historic Trans-Pacific Partnership Agreement (TPP).

The biggest global trade agreement in two decades will establish more seamless trade and investment processes across 12 countries and in turn promises to provide a significant investment boost to the Northern Territory.

Minister Styles said the news the TPP agreement had been reached was greeted with resounding applause from the 350 business and government delegates at the Australia-Japan Joint Business Conference he has attended in Fukuoka, Japan this week.

“The TPP and the new trade opportunities it represents between the partner countries has dominated conversation during numerous meetings I have had with leading Japanese corporations,” Minister Styles said.

“This is great news for the Northern Territory and its trading partners.

“It significantly liberalises beef exports to Japan which is already the Northern Territory’s biggest partner in trade.

“The interest in trading opportunities with the CLP Territory Government is at an all-time high.

“The November Business Investment Forum in Darwin and our focus on developing Northern Australia has attracted significant international business interest from those I have met at the conference.

“Corporations such as Mitsubishi, Sumitomo Mitsui, Itochu, Inpex, Marubeni and Santos, to name just a few I have met with, will all be in Darwin in November."

The Trans-Pacific Partnership Agreement includes two of the Northern Territory’s top five export partners Japan and Vietnam, as well as the United States which is increasing in significance for the NT and major current and past investment partners Singapore, New Zealand, Malaysia and Brunei.

It will eliminate 98 per cent of all tariffs on everything from beef, dairy, wine, sugar, rice, horticulture and seafood through to manufactured goods, resources and energy.

The TPP is designed to enhance Australia’s competitiveness; promote growth, job creation and higher living standards.

Each country involved will now need to ratify the treaty in their respective parliaments.

Minister Styles’ delegation will spend the day in Tokyo tomorrow meeting with representatives of the Japanese Government and conducting further talks with Inpex.

Media Contact: Rebecca Barr: 0407 284 066