Asia-Pacific drinks companies hopeful as TPP talks secure deal
The Trans-Pacific Partnership agreement was secured in Atlanta, Georgia yesterday
Drinks exporters in the Asia-Pacific region are awaiting the details of the Trans-Pacific Partnership (TPP) trade deal, which was successfully concluded yesterday.
Following the signing of an agreement, in Atlanta, Georgia, the United States Trade Representative (USTR) office confirmed that the 12 signatory Pacific Rim countries will eliminate or reduce tariffs and other policies that have previously restricted food and drink trade in the region. Signatory countries include the US, Canada, Japan, Vietnam, Malaysia, Brunei, Singapore, Australia, New Zealand, Peru, Chile and Mexico.
Subsequently, companies in the region will be hopeful that the agreement will provide openings to boost trade.
The TPP countries have agreed to eliminate agricultural export subsidies and to work together to develop guidelines on export-oriented state trading enterprises and limiting export credits. The agreement also includes annexes proposing common regulatory approaches for wine and distilled spirits, proprietary formulas for additives, and organic agricultural products, said the USTR.
US President Barack Obama welcomed the TPP for “opening new markets to American products while setting high standards for protecting workers and preserving our environment”.
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