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9 October 2015
Australian farmers can occasionally be limited by the legislation and red tape that surrounds their endeavours. Fortunately, the government is taking active steps to allow as much trade as possible between businesses on these shores, and those that are further afield.
To that end, a new free trade agreement will see Australia partner up with many Asia-Pacific nations to establish agriculture industry connections that are the biggest of their kind anywhere across the globe.
Officially titled the Trans-Pacific Partner Agreement (TPP), the agreement could positively impact myriad food, fisheries and forestry producers across Australia. The export markets of many of the countries involved in the TPP are already well-known to those in the Australian agriculture sector, but this latest arrangement is set to open up even more opportunity.
"We currently export approximately $15 billion - or around 33 per cent - of agricultural products to TPP countries, with many of our products currently facing high tariffs that add to the cost of exports. The TPP will eliminate tariffs on more than $4.3 billion worth of exports of Australian agricultural products," explained Minister for Agriculture and Water Resources Barnaby Joyce.
The 12 countries involved are as follows:
Ultimately, more market access could be a boon for Australian agribusiness. In fact, the potential growth makes now the most opportune time for business owners to assess whether their operations are adequately covered.
Thorough and effective farm insurance can allow those in the agriculture sector to protect all of their assets, especially if their operations are set to grow thanks to more opportunities with overseas parties.
The impact of the TPP remains to be seen, but it removes much of the red tape surrounding the export of products to some of Australia's key trading partners, with the ease of exchanging goods and services a positive change for the economic outlook of the agribusiness sector.
