- 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-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?
29-Nov-2012
Senators on Thursday approved legislation to implement the agreement, which will lead to almost all Australian goods being able to enter Malaysia free of import duties.
15-Nov-2012
Troy Media
Much of the debate surrounding the Canada-China trade deal revolves around the dispute settlement clause in the deal. Troy Media contacted Professor Thomas Faunce of the Australian National University in Canberra to explain why the Australian government decided to discontinue the practise of seeking inclusion of investor state dispute settlement provisions in trade agreements with developing countries.
12-Nov-2012
Beef Central
Australia’s share of the Korean export beef market could be slashed by half over the next 15 years, unless a Free Trade Agreement can be expediently established between the two countries, according to the industry
3-Nov-2012
Invest in Australia
Australian exporters of dairy products, automotive parts, iron and steel will benefit from improved market access under the MAFTA. Malaysia has also committed to allowing majority Australian ownership of service providers in such industries as telecommunications, insurance, education, tourism, research and development, accountancy and mining-related services.
16-Oct-2012
WSJ
Australian Prime Minister Julia Gillard attended a business forum in New Delhi today, part of her government’s attempts to capitalize on booming trade with India.