- 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
22-Nov-2023
The Australian Financial Review
Talks to create a historic economic pact with the United Arab Emirates are being revived as the Australian government tries to reboot its free trade agenda after negotiations with the European Union soured over agriculture.
3-Nov-2023
The Canberra Times
Unions are pushing for new laws to ensure workers’ rights and Australian jobs are considered when negotiating trade agreements.
20-Oct-2023
Yahoo Finance
Belgium’s top diplomat in Australia expects a free trade deal with the European Union to be sealed by the end of this year, saying there will be "concessions on both sides".
12-May-2023
The Guardian
Palmer’s Zeph Investments could receive compensation if successful in second and potential third dispute beyond existing $296bn case.
13-Mar-2023
The Canberra Times
The Brazilian and Australian governments have opened talks aimed at forging new agricultural trade agreements after representatives of both countries met this week, the Brazilian agriculture ministry says.
31-Jan-2023
The National
The study assesses the feasibility of a comprehensive bilateral trade agreement covering goods and services.
19-Jan-2023
PV Magazine
While it is likely the US will identify additional free trade agreements for the purposes of the battery critical mineral requirements going forward, Australia, as one of the countries with an exisiting free trade agreement with the US, has a “critical” role to play.
22-Nov-2022
ABC
Australia’s Parliament has passed bilateral free trade agreements with India and Britain, leaving those partner nations to bring the deals into force.
16-Nov-2022
The Australian Financial Review
“ISDS clauses pose a direct threat to Australia’s sovereignty and the ability of the Australian government to make laws in the national interest. They have no place in any agreement which claims to have the interests of working people at heart,” the Australian Council of Trade Unions said.
15-Nov-2022
The Australian Financial Review
In a big win for unions and “fair trade” campaigners, Australian Trade Minister will announce government’s vow to strip future free trade agreements of investor-state dispute settlement clauses and water them down in existing deals.