WFA welcomes government's revised TPP trade deal

The Winemakers Federation of Australia (WFA) has applauded the Federal Government's announcement that it will seek a revised Trans-Pacific Partnership (TPP) trade deal despite President Trump's decision to dump it.

The White House released a statement after Trump's inauguration confirming he would not ratify the agreement. He has previously described it as a "potential disaster" for the US economy.

However, Trade Minister Steve Ciobo is refusing to accept defeat. 

"It may come to pass — and certainly it appears to be the case — that the US won't ratify the TPP but the gains we have achieved absolutely warrant hanging on," he told the ABC. 

"Access to the US market was no doubt an incentive for a lot of countries, but there is also a tremendous amount of benefit [that has] been able to be achieved under the agreement that countries don't want to let go."

According to the WFA, the agreement provides such great opportunities for the Australian wine sector, that the industry and government must do everything in their power to ensure the agreement comes into force.

Tony Battaglene, Chief Executive of the Winemakers Federation of Australia, said:  "The TPP offers tremendous opportunities for our sector and the promise of wealth creation in regional Australia as well as to the national economy."

Battaglene added: "This is the first agreement to specifically address significant nontariff trade barriers restricting our export growth as well as promoting significant opportunities within the region. It also provides a template for future agreements."

The WFA says ratification of the Agreement will send a strong message on the importance of the TPP and has called on all parties to get behind the Free Trade agenda.

It said in a statement: "The worst thing for the prosperity of the Australian people will be to embrace protectionism. We need strong export growth and trade liberalisation through Free Trade Agreements is key to our success."

Ciobo also revealed he had spent the weekend speaking with business leaders in New York and told them Australia would be continuing with its commitment to free trade.  

Prime Minister Malcolm Turnbull backed up those remarks on Melbourne's Triple M this morning, saying that the Government was "looking at every opportunity to expand the markets for Australian exports".

"We are working flat out to find more opportunities for Australians to sell their services, their goods, their produce because that drives employment here."