'Enormous' benefits from trade deal: Robb

Australian Trade Minister Andrew Robb. Photo Reuters
Australian Trade Minister Andrew Robb. Photo Reuters
Trade Minister Andrew Robb has promised enormous benefits for the nation with the finalisation of an historic Pacific free trade deal.

The 12-nation Trans-Pacific Partnership, the world's largest free trade pact, will boost competitiveness and promote growth, job creation and higher living standards, Mr Robb said in a statement today.

Besides slashing barriers to exports, services and investments, the deal will not make any changes to the five-year data protection for biologic medicines regime, he added.

Mr Robb said the price of generic medicines won't increase because of the deal.

"Nothing will change," he told ABC radio.

Farmers will get a major boost with tariffs for beef, dairy, wine, sugar, rice, horticulture and seafood slashed.

Canegrowers will see market access for sugar to the US double, with average annual exports expected to rise from 107,000 tonnes to 207,421 tonnes.

"It's a wide-ranging agreement which not only will have an influence now but well off into the future," Mr Robb said.

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