Australia
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
Trade ministers from Australia and Indonesia continued negotiations to seal a trade deal between the two neighbours
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.
Describing the ongoing Free Trade Agreement (FTA) negotiations with India as "complicated", Australian Trade Minister Steve Ciobo indicated that the deal was now not a top priority for his government in the short term.
Economists from Australian National University and Adelaide University accuse the government and the Department of Foreign Affairs and Trade of perpetuating the “myth” of trade deals — such as those signed with China, Japan, Korea and the US — bringing the country “enormous benefits”. This has no basis in fact, they say.
Statement from Australian Chamber of Commerce on potential Australia-Indonesia trade agreement
The Indonesia-Australia Business Partnership Group, tasked with setting negotiating priorities, paraphrased Star Trek when it opined: "It should go boldly where no Free Trade Agreement has gone before".
Australian governments of late seem only to listen to the din of money as though that equates with national interest.
ALP says it will try to change three major agreements that allow corporations to sue if they think a government has damaged their interests
The forced re-regulation of Queensland’s $2 billion sugar industry could breach international trade agreements and threaten foreign investment, Queensland Deputy Premier Jackie Trad said.
Doing the same thing over and over again and expecting a different result is meant to be one definition of insanity. It’s also a pretty good definition of poor policymaking.
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Australian Fair Trade and Investment Network (AFTINET)
AFTINET provides information, campaign materials, submissions and articles about Australia FTAs
