These bills will amend the Customs Act and the Customs Tariff Act to introduce new rules
of origin and introduce new preferential customs duty rates for goods imported into Australia from nations that
are parties to the TPP-11 and, in so doing, formally ratify that agreement.
As one of the most comprehensive trade deals ever concluded, the TPP-11 is set to eliminate more than 98 per
cent of tariffs across a trading zone with a combined GDP of some A$13.8 trillion and close to 500 million
consumers. The geographic and economic scope of the TPP-11 is immense.