- 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
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.
31-Jul-2007
People’s Daily
Peru and Mexico have agreed to extend their current Economic Agreement, due to end on Dec 31 this year, until June 30 2008. Meanwhile, talks on a bilateral free trade treaty are set to be reopened in September in Mexico City.
31-Jul-2007
ABC
The peak stonerfruit body, Summerfruit Australia, says cheap fruit and vegetable imports due to an Australia-Chila free trade agreement could wipe out 5,000 jobs.
27-Jul-2007
ABC Rural
Australian orchardists say thousands of jobs and millions of dollars could be lost if the Federal Government signs a free trade agreement with Chile.
26-Jul-2007
IHT
Australia’s prime minister said he wants to discuss the possibility of setting up a free trade agreement with Indonesia when he meets with the country’s president on Friday.
18-Jul-2007
Australia and Chile will go ahead with the drafting of a bilateral trade deal.