- 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
20-Mar-2017
News.com.au
Australian universities, lawyers and financial firms will be among the biggest winners from an updated free trade deal with Singapore.
18-Mar-2017
The Australian
Australia is pushing for a new multi-billion dollar free trade deal with Pacific Alliance countries — Mexico, Chile, Colombia and Peru — following the collapse of the Trans-Pacific Partnership.
13-Mar-2017
Bloomberg
Australia is pinning its hopes on sugar to revitalize exports to Indonesia, as it seeks momentum for a free trade agreement that has been mooted for nearly a decade.
1-Mar-2017
Tax-news
Trade ministers from Australia and Indonesia have said that strong progress was made during the sixth round of free trade negotiations.
28-Feb-2017
Tax-news
Businesses from Australia and Indonesia have urged officials to reach an agreement on a new trade deal by August (2017), the target date set by ministers.
24-Feb-2017
International Business Times
Sealing a free trade between the two countries is reportedly the main agenda of Widodo’s visit to Australia.
20-Feb-2017
The Conversation
While consultancies, political donations, secondments and staff movements magnify corporate influence over government, an equally sinister trend is playing out in the world of multinational corporations.
7-Dec-2016
SBS
Australia Trade Minister is in Jakarta for talks over the Indonesia-Australia Comprehensive Economic Partnership Agreement
7-Nov-2016
Reuters
Trade ministers from Australia and Indonesia continued negotiations to seal a trade deal between the two neighbours
13-Oct-2016
Xinhua
Singapore’s Prime Minister Lee Hsien Loong, who is in Canberra on a three-day visit to strengthen the ties with Australia, is set to sign the updated FTA.