- 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
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.
10-Apr-2008
Meat and Livestock Australia managing director, David Palmer, has accompanied Federal Minister for Agriculture, Tony Burke, in Korea to lend support for the commencement of free trade agreement negotiations between Australia and Korea.
9-Apr-2008
The Rudd Government had to be more demanding than its predecessor when negotiating the automotive elements of free trade agreements, according to a leading car industry spokesman.
4-Mar-2008
Kevin Rudd and his Trade Minister, Simon Crean, are very clear on the direction for trade liberalisation under a Labor Government.
29-Feb-2008
Gulf News
The third round of talks for a possible free trade agreement (FTA) between the UAE and Australia is likely to take place next month
24-Jan-2008
Economic Times
The new Australian government would forge closer relationship with India and take the partnership forward in key areas like energy infrastructure, agriculture and food processing, feels Simon Crean, Australia’s minister for trade.