Aviation manufacturers believe the Trans-Pacific Partnership will be a boon to the hi-tech industry and help encourage innovation in Australia.
US aerospace companies have predicted the deal would encourage sales of aeronautic parts and aircraft across the Asia-Pacific by bringing down barriers. The 12 participating countries in the TPP represent about 40 per cent of global GDP in a region expected to be a prime engine of aviation growth.
American unions have taken a darker view and expressed concern about potential job losses as positions are shipped overseas.
Australia has a small but globally well-regarded aerospace manufacturing industry and while details of the recently signed pact have yet to be made public, non-profit umbrella group Aviation/Aerospace Australia believes it will also help secure access for companies here “across a range of goods services”.
“This is an extremely important agreement for our industry within which to leverage innovation and expertise to increase market share and revenues,’’ AAA chairman Adam Burford said. “We congratulate government and look forward to close co-operation as we fully understand the depth and breadth of this landmark agreement.”
Boeing Australia and South Pacific president Maureen Dougherty said she viewed the partnership as a long-term positive for the company.
“With thriving commercial, defence and R&D operations across the commonwealth, TPP holds great promise not just for the future of our 3000-plus employees here but also the many suppliers we work with in Australia,’’ he said. AAA said it would be briefing members over the next few months and working with industry partners to ensure “we can capitalise on this excellent platform for growth”.
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