dispute settlement provisions: Labor trade spokeswoman Penny Wong told a caucus meeting in Canberra on Monday there were potential economic benefits, but the claims needed to be properly analysed, according to Nine News Australia. The opposition also holds concerns about investor-state dispute settlement provisions, which allow foreign investors to sue the government if their profits are affected by any Australian law or policy. The Trans-Pacific Partnership is set to be signed by Trade Minister Andrew Robb and other partner country ministers at a ceremony in Auckland on Thursday. The government says the TPP will eliminate over 98 per cent of tariffs in the TPP region, removing import taxes on about $9 billion of Australian trade. Senator Wong assured the caucus the agreement would be scrutinised by the parliament treaties committee. Industries including beef, dairy, sugar, horticulture, seafood, minerals, manufacturing and services are tipped to benefit.
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