The benefits of the Trans-Pacific deal far outweigh its costs. Globally, it may well turn out to be a stimulus for international growth. The 12-country trade deal covers 40 per cent of the global economy and will be the world’s largest trading bloc, containing about 800 million people.
Free-trade deals are still often mistakenly associated with cutting tariffs on wool and cars. In 21st-century lingo “that’s so 20th-century”.
Mining, agriculture and manufacturing are dwarfed by the service sector, which makes up more than two-thirds of most rich economies. This is the first time they will be exposed to global competition. The Trans-Pacific Partnership (TPP) will liberalise telecommunications, financial services, government procurement markets, and standardise rules around intellectual property, investment and e-commerce.
Unfortunately, a lot of the commentary around the deal has centred on potential damage to Medicare and higher pharmaceutical costs, or threats to national sovereignty.
Even if Australia loses in the short-term from a strengthening of IP, the net benefits from greater access to 11 other countries’ markets for trade and investment should easily outweigh this cost. In any case, in the long-term Australia might become a net exporter of IP.
Freer global trade did more to lift developing countries out of poverty in the 20th century than any international aid program.
Certainly the TPP is a big deal for Australia’s small and medium enterprises.
Take for example, architecture firms. The big firms have been working internationally for some time. Now it’s the chance for smaller enterprises to move out into the region.
To that end, Regional IT’s solution for working concurrently with large 3D files is no longer a problem. We know businesses hate data going overseas. Regional IT can help firms transfer their big data across all borders, while keeping a tight control of IP in their office in Australia. SMEs wanting to work with large 3D data files remotely and concurrently, can now do so on a level playing field.
They need no longer fear the loss of data loss, the logistics of attempting to compete or the cost of doing so.
Regional IT understands the problem and has a solution. The TPP has liberalised trade. RegionaI IT has liberalised SMEs using large data files to let them take advantage.