- 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
23-Jun-2015
Bloomberg
Australia is seeking to restart trade talks with Indonesia, Australian Minister for Trade and Investment Andrew Robb said, after a series of diplomatic spats left the negotiations in limbo.
22-Jun-2015
AAP
Australia is putting pressure on India to sign up to free trade agreement as good as the one finalised with China last week, says Treasurer Joe Hockey
13-Apr-2015
Al Arabiya
Australia and the GCC countries may only be a few months away from signing a landmark Free Trade Agreement deal “if a decision is made quickly,” Australia Trade and Investment Minister Andrew Robb says.
31-Mar-2015
Gulf Business
A GCC-Australia Free Trade Agreement is top of the agenda for Andrew Robb, the Australian Minister for Trade and Investment, when he returns to the region in April.
17-Nov-2014
ABC
Within an hour of finalising a free trade deal with China, Australia’s Federal Trade Minister said he hoped to complete an FTA with India in the next year.
12-Nov-2014
Australia will claim a breakthrough on global trade liberalisation at this weekend’s G20 summit, as Tony Abbott reveals that a free-trade agreement with India is next on Australia’s trade shopping list.
4-Sep-2014
ABC
The Prime Minister says Australia will consider negotiating a free trade agreement with India once it has finalised a trade deal with China.
4-Sep-2014
Scoop
“The Joint Standing Committee on Treaties has issued conflicting reports in its review of the Korea Australia Free Trade agreement (KAFTA)”, Dr Patricia Ranald, Convenor of the Australian Fair Trade and Investment Network, said today.
2-Sep-2014
Motoring Australia
An Australian government keen to cement a free trade agreement with Europe will have to ditch the unpopular Luxury Car Tax first, currently bringing in $500 million per year, says an executive from Mercedes-Benz Australia.
29-Aug-2014
WA Today
Australia risks getting swept up in a wave of litigation by foreign corporations wishing to sue over unfavourable domestic laws, experts warn, after the government rejected a bill to ban controversial trade agreements.