Impact Publications : AirCargo-253
AirCArgo AsiA-PACifiC • FEBRUARY-MARCH 2018 • Page 13 ‘approved authorities’. - Hopefully this will allow additional complexi- ty compared to ChAFTA. There also are other significant gains in the areas of services and investment as well as the benefits which arise from agreement on trade rules as between nations (even when such gains may not be able to be readily quantified). Measuring the benefits — possible and practical? Further doubts have been ex- pressed as to the quantum of the benefits to be delivered by the CPTPP and there have been calls for the deal to be reviewed by the Productivity Commission before coming into force. However, those calls do not seem to take into account the following: • The TPP was previously re- viewed and endorsed by the Aus- tralian Parliament’s Joint Standing Committee on Treaties (JsCoT). • The respected Peterson Insti- tute had already modelled the benefits of the CPTPP in a study which confirmed substantial ben- efits even without the US. • Business welcomed the deal - even with its limitations. • The ECA issued a media re- lease which identified some restrictions on reviews by the Pro- ductivity Commission which do not take into account a number of broader issues which cannot be reduced to figures at this stage. • The current scope of the CPT- PP is only the beginning. There are other countries such as Korea which have expressed an inter- est in joining the CPTPP - there is even commentary that the US is re-considering its position. Further membership can only increase the benefits and the deal sets the basis for further gains. • The terms of the CPTPP will be subject to review by JSCOT, which allows a lot of parties the oppor- tunity to make commentary on the CPTPP and its process. A broader pivot to the ‘other’ Americas? Even with the US dropping out of the CPTPP there still remains a discernible move in focus to the Americas. Not only does the CPT- PP effectively include a new FTA with Mexico, but we have recently concluded a deal with Peru, one of the fastest-growing economies in South America. In conjunction with New Zealand we are also progressing negotiations with the ‘Pacific Alliance’ countries which include Mexico and Peru as well as Colombia and Chile (with whom we already have an FTA). Given our FTAs with three of these coun- tries the prospects look good. All of these developments improve access into relatively new markets and represent an interesting comparison to re- gional delays with the Regional Comprehensive Economic Part- nership, in our deals with India and Indonesia and the recent imposi- tion of increased import duties by India. Our deals with North Asia have delivered good results - and given my knowledge of some of the negotiators of the CPTPP I remain confident that it has been complet- ed with national best interests in mind. The CPTPP — part of needed positive outcomes I remain positive around the CPT- PP- asIwasfortheTPP.Weshould accept that in a ‘second best’ world no one deal is perfect. At the same time that there are negatives in the global trade agenda, the CPTPP and other developments such as described above represent a useful counterbalance to increasing pro- tectionism and demonstrate that the world can still move forward without the US or other major trad- ing partners that appear either to be taking shelter in protectionism or to be limited by political uncer- tainty. Stay tuned for developments including more detail on adoption and implementation of the CPT- PP — and, of course if pain persists contact your friendly Customs and trade lawyer.