- 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
31-Jul-2007
People’s Daily
Peru and Mexico have agreed to extend their current Economic Agreement, due to end on Dec 31 this year, until June 30 2008. Meanwhile, talks on a bilateral free trade treaty are set to be reopened in September in Mexico City.
31-Jul-2007
ABC
The peak stonerfruit body, Summerfruit Australia, says cheap fruit and vegetable imports due to an Australia-Chila free trade agreement could wipe out 5,000 jobs.
27-Jul-2007
ABC Rural
Australian orchardists say thousands of jobs and millions of dollars could be lost if the Federal Government signs a free trade agreement with Chile.
26-Jul-2007
IHT
Australia’s prime minister said he wants to discuss the possibility of setting up a free trade agreement with Indonesia when he meets with the country’s president on Friday.
18-Jul-2007
Australia and Chile will go ahead with the drafting of a bilateral trade deal.
28-Jun-2007
Australia could be invited to join the North American Free Trade Agreement as part of a strategy among Asia-Pacific nations to deal with the collapse of world trade talks.
25-Jun-2007
Australia and Indonesia are to consider negotiating a free trade agreement, potentially opening up South-East Asia’s biggest market, but adding to pressure on the embattled textiles and clothing industry.
25-Jun-2007
Meat and Livestock Australia is pushing the Federal Government for a free trade agreement with Korea and Japan to protect our lucrative export market.
25-Jun-2007
Australia and Indonesia are inching towards talks on freer trade, as the imminent collapse of global reform talks puts a greater focus on regional deals.
2-May-2007
Australia is aiming to have nearly two-thirds of its exports and imports covered by bilateral or regional trade deals.