On the 23rd of January 2018 the TPP-11 (Trans-Pacific Partnership) met in Tokyo, Japan at officials' level, finalising a deal 3 years in the making.
In March officials will sign the Comprehensive and Progression Agreement for Trans-Pacific Partnership, a separate treaty, that allows a limited number of set provisions to be suspended, while still holding the high-standards of the original document.
The TPP will allow considerable market access for Australian exporters, allowing over 98% of the tariffs in the free trade area to be eliminated, including reductions on: beef into Japan; diary and sugar products into Japan, Canada and Mexico; Cereals and grains into Japan, including new access for rice products; as well as the elimination on all tariffs for sheep meet, cotton, wool, seafood, horticulture, wine and industrial products (manufactured goods).
The TPP will also allow substantial deregulation for international business risk, reducing it to a domestic level. Reforms in professional services will be legally guaranteed and enforceable; international financial services may now provide advice on investment, portfolio management, insurance of risks relating to maritime shipping, international commercial aviation and freight and related brokerage. The reform will also allow transport and logistics providers to use simpler customs procedures, as well as more effective investment protections for freight providers.
Currently the document is undergoing a legal review and official translation and will be signed on the 8th of March, 2018 in Chile.