Australia’s automotive industry has welcomed the ratification of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (TPP-11). Australia’s ratification of the eleven-nation agreement paves the way for commencement before the end of the year.
The Federal Chamber of Automotive Industries’ (FCAI) Chief Executive congratulated the Morrison Government.
“The TPP-11 is the latest piece in the trade agreement jigsaw puzzle, which will lower prices for the latest automotive technologies for Australian consumers. We congratulate the Government for their efforts in making this vision a reality” Mr Weber said.
“In addition to lowering the cost of imports for Australian consumers, the agreement also enhances opportunities for Australian technology to supply chains across the growing Asia-Pacific region.”
The TPP-11 illustrates the benefits of open markets for Australians, and the FCAI urges government to remove remaining tariffs and taxes on automotive technology.
“The five per cent tariff and the Luxury Car Tax is simply a tax on technologies that can deliver better safety and environmental outcomes for Australian consumers” Mr Weber said.
“Removing these taxes will improve economic, social and environmental outcomes, not only for motorists, but for all Australians” Mr Weber added.
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