- 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
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.
12-Apr-2014
The Greens and independent senator Nick Xenophon have said the government will face a tough battle if it seeks to ease foreign investment restrictions.
11-Apr-2014
Like buying a house, it’s easy to get a free trade agreement if you don’t care what you get or how much you pay. Since coming to office, Prime Minister Tony Abbott has closed a number of free trade agreements in record time, and it shows.
6-Apr-2014
Clinching further free trade agreements will not reap the anticipated billions of dollars of benefits for Australian firms unless the deals are better drafted, the Australian Chamber of Commerce and Industry has warned Trade Minister Andrew Robb.
25-Feb-2014
Lexology
The text of the Korea-Australia Free Trade Agreement (KAFTA) was released on 17 February 2014, following the conclusion of negotiations on 5 December 2013.
24-Feb-2014
Farm Weekly
The Korea-Australia Free Trade Agreement (KAFTA) opens up the potential for Korean-domiciled corporations to sue Australian governments - federal, State and local - over decisions that a company believes to have unfairly affected investments they have made in Australia.