House of Representatives

Customs Amendment (Comprehensive and Progressive Agreement for Trans-Pacific Partnership Implementation) Bill 2018

Explanatory Memorandum

(Circulated by authority of the Minister for Law Enforcement and Cyber Security, the Honourable Angus Taylor MP)

Australia has concluded FTAs with: ASEAN and New Zealand (2009), Chile (2008), China (2015), Japan (2014), Peru (2018), Republic of Korea (2014), Malaysia (2012), New Zealand and eight Pacific island countries (2017), Singapore (2002), Thailand (2004), and the United States (2004).

In 2016-17, Australia's two-way merchandise trade with Canada and Mexico was $3.8 billion and $2.8 billion respectively. Services trade was worth approximately $3 billion with Canada and $287 million with Mexico. Two-way investment with Canada in 2016 totalled more than $85 billion. Australian investment in Mexico was more than $5 billion over the same period. (Source: DFAT country-specific trade and economic fact sheets.)

World Trade Organization Doha Ministerial Declaration 2001 .

Such countries are Canada and Mexico.

The Parties agree that negotiations referred to in Article 15.24.2 shall commence no earlier than five years after entry into force of the TPP-11 Agreement, unless the Parties agree otherwise. Such negotiations shall commence at the request of a Party.

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