- 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
21-May-2021
Mandurah Mail
Services and investment are "huge" for Australia’s imminent trade pact with the United Kingdom, Trade Minister Dan Tehan said.
14-May-2021
The Guardian
Australian and Palestinian human rights groups have urged Australia to stop pursuing a potential free trade agreement with Israel and condemn its actions in Gaza and East Jerusalem.
26-Apr-2021
ABC
Australian Trade minister has departed Britain promising an in-principle trade deal with the United Kingdom by June.
8-Mar-2021
East Asia Forum
Having secured free trade agreements (FTAs) with almost all key trading partners, Australia is honing in on a long elusive but lucrative market — India. Tensions with China, the need to find new sources of economic growth and government policy to diversify trading partners are pushing Australia into India’s arms.
3-Feb-2021
Sydney Morning Herald
Australia will turn its attention towards clinching a trade agreement with Israel. A similar feasibility study to scope the benefits of beginning trade negotiations with European Free Trade Association countries.
25-Jan-2021
Bloomberg
Minister hopes FTAs with UK, EU will be finalised this year.
28-Oct-2020
Beef Central
Sensitive topics including agriculture are likely to start to come into greater focus in the next round of free trade agreement negotiations between the United Kingdom and Australia.
16-Sep-2020
The Print
Australia’s escalating tensions with Beijing have shown up its reliance on China trade and propelled a push to increase links with Asia’s other giant economy, India.
14-Sep-2020
Food & Beverage
Australia’s agricultural export performance over the past 15 years has been supported by the proliferation of free trade agreements.
3-Sep-2020
Lexology
The Australian Federal Government has announced it is reviewing the bilateral investment treaties (BITs) to which Australia is a party.