- Negotiations
In the last two years the Australian Government has finalised bilateral trade agreements with China, Korea and Japan, which are now in force. The Trans-Pacific Partnership agreement between 12 Pacific Rim countries has been agreed, but is being reviewed by a Parliamentary committees before Parliament votes on the implementing legislation. The TPP will not come into force until six of the 12 countries including the US and Japan pass the implementing legislation, which is expected to take two years.
The current conservative Coalition government has agreed to include Investor-State Dispute Settlement (ISDS) provisions in the Korea and China bilateral FTAs as well as the TPP. ISDS allows foreign companies to bypass national courts and sue governments for compensation if they can argue that a change in law or policy harms their investment. The previous Labor government had a policy against ISDS, and even a previous Coalition government did not include ISDS in the Australia-US free trade agreement in 2004.
There is widespread opposition in the Australian community to the inclusion of ISDS in the TPP. The TPP is also controversial because it extends monopoly rights on expensive life-saving biologic medicines, which will mean more years of very high prices before cheaper versions become available. There are also grave concerns about its impacts on food labelling standards and expanded access for temporary workers without additional protection of workers’ rights. A recent World Bank study found that Australia was only likely to gain almost no economic benefit from the deal.
Australia is currently involved in multilateral negotiations towards the PACER-plus agreement with New Zealand and 14 Pacific Island countries, the Regional Comprehensive Economic Partnership (RCEP) and the Trade In Services Agreement (TISA). It is also negotiating bilateral trade agreements with India and Indonesia and will begin talks with Hong Kong and Taiwan later this year and the EU next year.
Contributed by AFTINET
last update: May 2016
Photo: AFTINET
24-Nov-2017
Scoop
Australia has reiterated the importance of New Zealand to its foreign policy direction with particular emphasis on the role it sees New Zealand playing in its economic engagement with Pacific island countries.
24-Nov-2017
Policy Forum
The conflict between ‘rules-based’ and ‘US-centred’ in Australia’s new foreign policy road map
10-Nov-2017
ABC
Australian exporters will soon have market access to one of Latin America’s fastest growing economies with the signing of the Peru-Australia Free Trade Agreement.
8-Nov-2017
Sydney Morning Herald
Prime Minister Malcolm Turnbull is expected to meet Indonesian President Joko Widodo in coming days as the two countries hammer out the final details of the free trade deal.
11-Oct-2017
SMH
Indonesia is pushing for Australia to open its doors to more Indonesian workers - such as nurses and cooks - as well as removing tariffs on textiles as free trade negotiations between the two countries enter the final month.
26-Jul-2017
Xinhua
Australia’s Trade Minister Steve Ciobo on Wednesday declared Indonesia as his "number one trade priority" for 2017
25-Jul-2017
Live Mint
“At this point in time, I’m not seeing a willingness from India that would reflect a desire to achieve an FTA,” Australian minister Steve Ciobo says
29-May-2017
Tax-news
The Minerals Council of Australia has said that the country’s mining sector will benefit from the proposed new free trade agreement with Peru.
24-May-2017
Xinhua
The Australian government confirmed it will be pursuing a free trade agreement with Peru, with the nation’s Trade Minister Steve Ciobo to visit Lima for the first round of negotiations in July.
16-May-2017
Sydney Morning Herald
Access for white-collar services businesses will be the focus as talks begin over a free trade agreement between Australia and Hong Kong.