- 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
15-Jan-2014
ABC
General Motors says it is likely that South Korea will end up making its cars for the Australian market under the coming free-trade agreement between Canberra and Seoul.
15-Jan-2014
Stock Journal
While the federal government and farm leaders are pushing hard for Australian Free Trade Agreements to be finalised speedily with big customers such as Japan, China, Indonesia and India, southern Queensland beef producer Liam O’Dea said there was good reason to be cautious, even sceptical, about just what FTAs actually delivered in farmgate returns.
12-Dec-2013
Infojustice
On the 5th December 2013, Australia and Korea announced that they had finalised a new free trade agreement. Is it a fair trade fairytale? Or is it a dirty deal done dirt cheap?
5-Dec-2013
ABC
The Australian government has acknowledged that some sectors - including the automotive and steel industries, as well as textiles, clothing and footwear - will face increased competition from Korean imports.
19-Nov-2013
ABC
There are fears Indonesia could stall the trade negotiations with Australia because of the diplomatic run-in between Jakarta and Canberra.
13-Nov-2013
The man tasked with finalising three major free trade agreements for Australia within 12 months says he’s hopeful it can be done.
12-Nov-2013
Australian industry is concerned about the impact of FTAs which the government is attempting to forge with China, South Korea and Japan.
2-Nov-2013
The free trade agreement between Australia and South Korea is now "exceedingly close" after a sticking point was removed by the Abbott government, Seoul’s lead negotiator said yesterday.
31-Oct-2013
Smart Company
Australia could finalise a free-trade agreement with South Korea within months, with a Korean government official telling Crikey a deal is expected before the G20 meeting next year.
11-Jan-2013
Should Australia be signing up, and giving the gift of a Free Trade Agreement with countries that are manifestly undemocratic and authoritarian?