- 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
20-Aug-2010
Labor has promised more of the same on trade if it is re-elected on Saturday.
25-May-2010
Bloomberg
Australia and South Korea opened a new round of trade talks today, including “sensitive” areas such as agriculture and the automotive industry, Australian Trade Minister Simon Crean said.
6-May-2010
Australia Thursday said it had taken a major step towards a free trade agreement with India, with a study carried showing a bilateral deal would offer "significant economic benefits" to both sides.
5-May-2010
AFN
A joint study finds that an Australia-India FTA will bring billions of dollars to both countries.
29-Mar-2010
The Age
As the assault on national sovereignty continues, the question is whether the ’’market system’’ can fill the vacuum as the power of the state withers away.
15-Mar-2010
The first step to an Asia-Pacific-wide trade pact will be taken on Monday, with officials from eight nations meeting in Melbourne.
22-Jan-2010
ABC Rural
A former Australian trade negotiator says farmers should not be concerned that trade deals have not been signed with three key Australian export markets.
27-Nov-2009
The Gov Monitor
The review will examine the effects of bilateral and regional trade agreements on Australia’s trade and economic performance.
21-Oct-2009
The Age
In every Australian free trade agreement the results have been dismal.
21-Oct-2009
Horse racing’s spring carnival is upon us. It is the only time when most Australians bet on the horses. After our experience of the past year, many people would think that stockmarket and financial-derivatives investment is not that different to a punt on the Melbourne Cup. There are always a lot of predictions based on form analysis but most of us find a way to lose money on the day.