Rodrigo Buendia | AFP | Getty Images
Protesters hold placards against the Trans-Pacific Partnership (TPP) during a rally on the sidelines of the Asia-Pacific Economic Cooperation (APEC) Summit in Lima on November 18, 2016.
“Australia and China have one of the best bilateral free trade agreements in place that China has with any country,” he said. Asia’s largest economy is one of Australia’s biggest trading partners.
Ciobo was speaking with CNBC on the sidelines of the Asia-Pacific Economic Cooperation ministerial meeting, which has already seen significant discussion about the Trans-Pacific Partnership.
The TPP agreement was originally signed by 12 countries in 2016, but Trump withdrew the U.S. from the pact when he took office. That withdrawal put the future of the deal in doubt.
But now, the remaining countries are working to get a so-called TPP-11 in place.
Ciobo said that pact is not yet a done deal, the 11 member countries are coming closer to an agreement. “We’re all pulling in the same direction so I’m hopeful we’ll do this deal.”
The Australian minister added that some sticking points remain around national interest concerns. But, he said, the chapters relating to market access have been settled.
“There are a lot of benefits from the TPP notwithstanding the U.S. decision to withdraw,” said Ciobo.
