Prime Minister Malcolm Turnbull has lauded the landmark Trans-Pacific Partnership trade deal Australia signed in the US on Tuesday as a “win-win” that would bring more jobs, but Kennedy federal MP Bob Katter has condemned it as “corporate colonialism” - the worst blow to democracy in 300 years.
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Mr Turnbull said medicines would not be more expensive because of the agreement struck between 12 nations, including Australia.
The US had wanted to grant pharmaceutical compaies up to 12 years before allowing rival companies to produce cheaper generics but Australia dug in and forced the US to accept a 5-8-year time limit instead.
Mr Turnbull said there would be no changes to Australia's laws or Pharmaceutical Benefits Scheme “in terms of data protection, drug laws, patents and so forth”. It “is not going to make drugs more expensive in Australia whatsoever".
He said the deal, once ratified, would enable Australian businesses to sell services into participating countries more easily, and also make imports cheaper.
"Any deal like this is of enormous benefit to us. It is a gigantic foundation stone for our future prosperity ... it is more jobs, absolutely.”
However, Mr Katter said KAP “will be moving for the treaty’s disallowance as soon as Parliament resumes”
“This agreement is not about trade, it’s about sovereignty,” he said. “It takes away our sovereignty and hands it over to the giant, foreign-owned corporations.
“Foreign workers will pour in and they are already at high levels - there are 600,000 foreign workers a year coming into an economy creating only 200,000 jobs a year. They are taking our jobs and undermining our pay and conditions, and there’s nothing we can do about it. The Americans have imposed this regime upon South and Central America, reducing them to some of the (world’s) lowest living standards.”
The National Farmers Federation said the deal would enable Australian goods to be sold into new markets.
The Australian Chamber of Commerce said the TPP would make imports for small business cheaper.
The ALP and the Public Health Association said they needed to study the text first.
