- 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
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.
29-Aug-2014
Computer World
A Senate inquiry has recommended against passing a bill that would bar Australia from entering into trade agreements that include so-called ’investor-state dispute settlement’ clauses.
28-Aug-2014
Kluwer Arbitration Blog
Indonesia is not the only Asia-Pacific nation that is reassessing investment treaties containing provisions on Investor-State Dispute Settlement (ISDS, especially arbitration).
13-Aug-2014
AFTINET
Australia Fair Trade and Invesment Network’s Convener, Dr Patricia Ranald, gave evidence to the Senate Committee for Foreign Affairs Defense & Trade on the 6th August 2014 about the dangers of investor-state dispute settlement (ISDS) in trade agreements.
13-Aug-2014
North Queensland Register
A new report released by global agribusiness specialist Rabobank points to free trade agreements (FTAs) and building strategic government and business relationships as the keys to improving market access for Australian exporters.
15-Jul-2014
Computerworld
The Korea-Australia Free Trade Agreement grants "super powers" to intellectual property owners, according to IP expert Dr Matthew Rimmer.