23 February 2016
The 12-nation Trans-Pacific Partnership (TPP) has officially been signed by delegates including Australian Minister for Trade Andrew Robb, taking the controversial landmark agreement closer to full ratification. While the countries involved in the deal have two years in which to iron out any issues they may have and finalise their role, Mr Robb believes we should expect the scrutiny to end sooner.
"I would anticipate that in the second half of the year that we would be through the ratification process," he said.
While the TPP is not without its detractors, Australian agricultural groups including the National Farmers' Federation (NFF) are welcoming this latest phase in the deal's development. With the elimination of an estimated 98 per cent of export tariffs, NFF President Brent Finlay sees great potential for our agribusinesses to access new markets across the region.
"What we need is for the clear benefits of this agreement and its potential to bolster Australia's export opportunities and the broader economy to be recognised and for the ratification process not to be politicised and stalled," he said, encouraging the swift finalisation of the deal by all governments involved.
Staying aware of insurance concerns
With groups like the NFF foreseeing potentially vast new demand for Australian produce as a result of the new agreement, some farmers may be looking to boost their production capability with new investment. Whether purchasing updated equipment to handle greater capacity, or bringing in additional farm workers, keeping a close eye on insurance responsibilities is essential when making changes.
Speaking with a trusted insurance agent is a great approach to assess the impact of any new investment on your policy. The ratification of the TPP could make the export market easier for many Australian agribusinesses, so make sure you have the right farm insurance to cover your equipment and liability.