According to The Australian Financial Review today, Australian Trade Minister Andrew Robb has acknowledged there would be winners and losers from the landmark Trans-Pacific Partnership agreement signed overnight in Atlanta.
Here are our Australian winners and losers as they come in.
Beef: the TPP will reduce or eliminate tariffs on beef into Japan, eliminate tariffs on chilled and frozen beef into Mexico and Canada over 10 years and get rid of the AUSFTA beef safeguard into the US, according to the Department of Foreign Affairs and Trade.
Services: the TPP will standardise different rules, expand licence recognition, allow for one paperless custom form to be filled out for the region and hands firms permission to operate in TPP countries.
Iron ore, copper and nickel: immediate removal of tariffs on exports to Peru and elimination of tariffs on energy exports to Vietnam, according to DFAT.
Rice: the deal will see Australia' s quota for exporting rice into Japan expand
Wine: the deal will lower tariffs into Mexico, Canada, Peru, Malaysia and Vietnam.
Cheese: The TPP will eliminate tariffs on certain cheese products and give exporters tariff reductions and new quota allocations for other cheese products. In the US, dairy farmers won rights to sell 9000 extra tonnes of cheese.
Global e-commerce giants: the agreement will make it much easier for these companies to sell their wares to Australian consumers.
Seafood: within 15 years, the TPP will eliminate tariffs into Mexico and Japan, then cut tariffs into Canada, Peru and Vietnam on entry into force, according to DFAT.
Sugar: Australian sugar said they are disappointed with the TPP, saying the US has maintained "their protectionist stance on market access".
New Zealand dairy: the chairman of the New Zealand dairy co-operative, John Wilson, said he was "very disappointed that the deal falls far short" of its "original ambition to eliminate all tariffs".
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