The APEC summit in Hawaii has renewed talks of a possible Trans-Pacific Free Trade Agreement. With the 21 APEC members totaling 40% more GDP than the Eurozone, there are plenty of reasons why the member economies want to see the agreefment reached.

Our PM, Julia Gillard beleives that by participating in the Free Trade Agreement, we will be able to create more jobs in Manufacturing and Agribusiness in Australia. But is it really that simple; just sign the agreement and the exports will start flowing?

Dean Logan of SME Australia says that: “Before we see the Pacific Trade Agreement as a potential win for the Australian economy, we need to take a serious look at internal policies that have failed over the past 20 years to effectively invest into skills and innovation – the very skills and innovation that support a vibrant manufacturing sector, that if done right, can take full advantage of a trade agreement of this nature. There is still a lot of work to be done in Australia. The first place to start is the Germans, who instead of relying on extractive industries to support their economy, invested first and foremost in their children. ”

With Japan, Canada, China, America and Australia all strongly supporting their farming sectors and claiming to be a part of the agreement means more jobs and more exports; there is one guanrantee and that is the agreement will bring competition.

If the agreement is ever reached, It will be more important than ever before for Australian Small Business Owners to be a part of an Association or Political Group to gain access to international contacts and trade agreements that they may not have the opprtunity to participate in without; such as SME Australia 

If you are a Manufacturer or Farmer in Australia and rely on Exports overseas, now may be a really good time to review your insurance programme by dealing with an Insurance Broker that understands your industry; call Affinity Insurance Services on 1300 429 707.