- 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
13-Aug-2008
The Australian
Kevin Rudd has vowed to "vigorously pursue" bilateral trade agreements on his latest swing through Asia following the collapse of the world free trade talks in Geneva.
11-Aug-2008
WA
Australian Prime Minister Kevin Rudd has reached agreement with South Korean President Lee Myung-Bak to open preparatory talks on a free trade agreement (FTA).
30-Jul-2008
FarmOnline
The collapse of the World Trade Organisation talks has prompted forecasts of a proliferation of bi-lateral free trade deals, such as that signed by Australia and Chile today. Australian Trade Minister Simon Crean said the FTA is a "high-quality agreement where commitments go beyond" what each country had committed at the WTO.
12-Jun-2008
The Age
Mass protests in South Korea against US beef are bad news for Australian exporters, costing millions of US dollars in lost sales and jeopardising a crucial free trade deal, the Cattle Council says.
27-May-2008
The Rudd Government says its first successful free trade agreement reveals the tests it will apply to all bilateral trade negotiations as it switches the emphasis of trade policy back to multilateral free trade talks.
27-May-2008
The Australian
Austalia and Chile have concluded negotiations for a free trade agreement, with Australia’s mining sector being a major beneficiary.
21-May-2008
Australia and India should aim to complete a free trade agreement by the end of next year, says India’s influential Commerce and Industry Minister, Kamal Nath.
23-Apr-2008
Farm Online
Federal Trade Minister, Simon Crean, has welcomed the key findings of a non-government study into the feasibility of a free trade agreement between Australia and the Republic of Korea (ROK).
21-Apr-2008
SMH
Soaring Australian beef exports to the lucrative South Korean market could suffer after South Korea lifted restrictions on US imports.
11-Apr-2008
India and Australia will launch talks next week on a "high quality" Free Trade Agreement with both countries agreeing on terms of reference for a feasibility study to remove all impediments to bilateral commerce.