Australia's resources industry is expected to be one of the biggest winners from a massive Asia-Pacific free-trade pact that covers half the world's population.
Subscribe now for unlimited access.
$0/
(min cost $0)
or signup to continue reading
Regional leaders, including Prime Minister Scott Morrison, agreed on a 15-member Regional Comprehensive Economic Partnership at the East Asia Summit in Bangkok, Thailand.
The pact includes Australia, China, Japan, Indonesia and New Zealand and 10 ASEAN countries - but not India - and is expected to be finalised by November 2020.
The countries involved produce about 29 per cent of global gross domestic product and account for half the world's population.
Nine of Australia's top trading partners are part of the deal.
Resources Minister Matt Canavan said the main impact would be to lift economic growth in southeast Asia, Japan and China.
This would enable Australia to sell RCEP partners more Australian coal, gas and iron ore and boost resource industry jobs.
However, he said he was disappointed India did not immediately sign up.
"We do have a 10 per cent tariff on some of our coal exports to India and coking coal is half our exports to India at the moment. So I would love to see India eventually join," he told reporters in Darwin on Tuesday.
Trade Minister Simon Birmingham said as RCEP economies developed and their middle classes grew, the deal would open up new doors for Australian businesses and investors across the region.
Other industries which could benefit include services such as health and education, and telecommunications.
Minerals Council chief Tania Constable said the industry looked forward to RCEP being signed early next year.
"Much of Australia's $273 billion resources export income and most of the 244,000 jobs in Australia's world-leading resources sector benefit from and are supported by our exports to countries that have collectively worked towards this historic agreement," she said.
Business Council chief Jennifer Westacott said it would breathe new life into regional towns by creating new jobs and industries.
"The significance of this achievement should not be underestimated given its unprecedented scale and the diversity of the partners involved, including China and Japan," she said.
The Australian Council of Trade Unions called on Mr Morrison to reveal the text of the deal.
ACTU president Michele O'Neil said the deal could reduce access to cheap medication, increase the cost of services and make it harder for Australians to get a job.
"There is no justification for keeping the Australian people in the dark about this," Ms O'Neil said.
Australian Associated Press
