Everything you need to know about tariffs and the TPP

Australia has signed up to the multi-billion dollar Trans-Pacific Partnership Agreement. This Free Trade Agreement involves 12 nations throughout the Asia Pacific region and politicians hope the move will strengthen Australia’s economy as new and increasingly interconnected relationships with the US, Canada, Mexico, Peru, Chile, Japan, Korea, Vietnam, Singapore, Malaysia, Brunei and New Zealand lower traditional barriers to trade. However, the long-awaited decrease or removal of tarifs in previously inaccessible markets has been accompanied by serious concerns about the ability for multinational companies to sue governments and the potential pressure on the Pharmaceutical Benefits Scheme by companies retaining longer access to their intellectual property. But, what is a Free Trade Agreement? What exactly are tarriffs and what does it mean when countries enter into FTAs? We explore the biggest trade deal Australia has ever seen.


Image from Gizmodo

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