- 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
10-Apr-2008
Meat and Livestock Australia managing director, David Palmer, has accompanied Federal Minister for Agriculture, Tony Burke, in Korea to lend support for the commencement of free trade agreement negotiations between Australia and Korea.
9-Apr-2008
The Rudd Government had to be more demanding than its predecessor when negotiating the automotive elements of free trade agreements, according to a leading car industry spokesman.
4-Mar-2008
Kevin Rudd and his Trade Minister, Simon Crean, are very clear on the direction for trade liberalisation under a Labor Government.
29-Feb-2008
Gulf News
The third round of talks for a possible free trade agreement (FTA) between the UAE and Australia is likely to take place next month
24-Jan-2008
Economic Times
The new Australian government would forge closer relationship with India and take the partnership forward in key areas like energy infrastructure, agriculture and food processing, feels Simon Crean, Australia’s minister for trade.
26-Sep-2007
Australian
A surge in Israeli hi-tech investment and the transfer of world-leading military technology is set to be unleashed next year with the expected sealing of a free trade agreement between Australia and Israel.
24-Sep-2007
AJN
Israeli Ambassador Yuval Rotem has hinted that a free-trade agreement between Israel and Australia could be finalised in time for the Jewish State’s 60th anniversary next year.
5-Sep-2007
North Queensland Register
A new study reveals Australian agricultural and food exports to Korea could be slashed by 12% by 2030, in real terms, should Korea and the US ratify their free trade agreement.
20-Aug-2007
News.com.au
Australia will attempt to negotiate a free trade agreement with India as part of a historic shift in relations with the emerging economic powerhouse of South Asia.
6-Aug-2007
Green Left
At the APEC protests in September, while APEC leaders discuss new ways to exploit poor countries and increase profits for rich countries, we should demand our own ALBA-style agreement for the Asia Pacific as a way to build a world based on justice and equality.