TPP-11’s Ratification Supports Dental Products Trade
5th Nov 18
Australia’s ratification of the Trans-Pacific Partnership (TPP-11) trade agreement paves the way for increased trade in dental products as a result of reduced technical barriers to trade.
Key Issues For The Dental Industry —
The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (TPP-11) is a free trade agreement (FTA) between Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, Peru, New Zealand, Singapore, and Vietnam. The deal was signed by the 11 countries on 8 March 2018 in Chile and ratified by Australia on 31 October 2018.
The TPP-11 agreement is important to Australia’s dental industry as, in an increasingly affluent South-East Asia, there is growing demand for high quality dental and oral healthcare.
Importantly, the TPP-11 will support the expansion of Australian health exports across the Asia-Pacific as it eliminates all remaining duties on medical devices; Australian exports of these items to TPP-11 parties (across all categories, including dental products) were valued at approximately $736 million in 2017.
For Australian manufacturers and exporters of dental products, provisions within the TPP-11 agreement relating to disciplines on State-Owned Enterprises (SOEs) will help ensure Australian manufacturers of medical devices can compete on a more level playing-field with state-owned manufacturers in other TPP-11 Parties, such as Vietnam Pharmaceutical Company.
Importantly, the TPP-11 agreement allows for Australian suppliers to bid for pharmaceutical and medical equipment government procurement contracts.
Further information on the TPP-11 agreement can be downloaded below:
Australia is the sixth country to ratify the agreement, meaning it can now enter into force on 30 December 2018. Other nations that have already done so include Canada, Japan, Mexico, New Zealand, and Singapore as part of the first group to ratify.
The TPP-11 is one of the most comprehensive and ambitious trade agreements in Australia’s recent history. It will help support Australian businesses to grow and see annual benefits of up to $15.6 billion to Australia's national economy by 2030.
ADIA has been a long-standing supporter for the TPP-11 agreement and its proactive support has been welcomed by the Australian Government.
Member engagement —
ADIA provides leadership, strategy, advocacy and support. Our members set our agenda, fund our activities, and directly benefit from the results. With respect to international trade agreements, representatives of member businesses serving on the ADIA-TCPC Trade & Commercial Policy Committee provide advice and guidance to the national office team responsible for managing the research projects.
Further information —
For further information on this matter please send an email to email@example.com or telephone 1300 943 094. To keep up to date with all that's happening in Australia's dental industry following ADIA on Twitter at @AusDental and on Facebook at www.facebook.com/dental.industry.
Currency & Disclaimer —
This update was issued on 5 November 2018 and please note that changes in circumstances after the publication of material or information may impact upon its accuracy and also change regulatory compliance obligations. The statements, regulatory and technical information contained herein are believed to be accurate and are provided for information purposes only. Readers are responsible for assessing its relevance and verifying the accuracy of the content. To the fullest extent permitted by law, ADIA will not be liable for any loss, damage, cost or expense incurred in relation to or arising as a result of relying on the information presented here.
This publication is available for your use under a Creative Commons Attribution 3.0 Australia licence, with the exception of the ADIA logo, other images and where otherwise stated.
26th Jun 18
The Australian Small Business and Family Enterprise Ombudsman (ASBFEO) has called for a delay in the introduction of the new medical devices tax so that its impact can be fully assessedd
24th Oct 18
The latest survey of business confidence amongst suppliers of innovative dental products shows provides strong sentiment that the fall in value of the Australian dollar contributed to rising business costs FY2018-19 Qtr 1.