Regulation Impact Statement Updates
Official website for publishing regulatory impact analysis information for regulatory decisions announced by the Australian Government, COAG and COAG Councils.
Comprehensive and Progressive Agreement for Trans-Pacific Partnership (TPP-11)
Independent Review (RIS-like process) – Department of Foreign Affairs and Trade
On 26 March 2018 the Government tabled the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (TPP-11). The TPP-11 Agreement incorporates the provisions of the Trans-Pacific Partnership (TPP) Agreement by reference, with the exception of a limited set of provisions which are suspended. The original TPP is a regional trade agreement between twelve countries, including Australia. However, the original TPP cannot enter into force without the United States, who does not intend to become a party to the TPP.
The Department of Foreign Affairs and Trade (DFAT) prepared an Analysis of Regulatory Impact on Australia report for the TPP-11 Agreement, which DFAT has certified as a RIS-like process that meets the requirements of a Regulation Impact Statement (RIS). The Office of Best Practice Regulation (OBPR) does not assess independent reviews or RIS-like documents that have been certified as such by departments.
The OBPR has assessed the TPP‑11 Agreement as likely to have a substantial and widespread impact on the Australian economy. Therefore, a post-implementation review will need to be completed within five years following implementation under the Government’s best practice regulation process.
DFAT estimates average annual regulatory cost savings to be $144,000.