- 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
1-Mar-2019
ABC
Australian industry leaders laud the deal that hit a wall in October over when Australian Prime Minister considered moving the Australian embassy in Israel to Jerusalem.
23-Jan-2019
ABC
Clive Palmer has channelled his corporate empire through New Zealand and threatened to use free trade rules to sue Australian taxpayers for $45 billion as part of a dispute with a Chinese mining company.
17-Dec-2018
The Guardian
Global corporations should not have special legal rights to undermine the policies of democratically elected governments.
27-Nov-2018
Northqueens Land Register
Failure to ratify the Peru-Australia free trade agreement this year will cause major agricultural industries to miss out on improved market access and tariff cuts, says the country’s peak dairy group.
15-Nov-2018
Xinhua
China’s Hong Kong Special Administrative Region (SAR) and Australia have concluded the negotiations on a free trade agreement (FTA) and an investment agreement.
13-Nov-2018
Newcastle Herald
The free-trade deal appears to be on hold as Indonesia is angry about Australia’s potential move of an embassy to Jerusalem.
7-Nov-2018
Canberra Times
The two countries plan to ink the agreement on November 14, the second day of the ASEAN summit in Singapore.
2-Nov-2018
Australian Financial Review
Businesses in the mining sector and beyond insist protection for Australian investors in Indonesia is required in a free trade deal.
27-Oct-2018
Sydney Morning Herald
Australia walked away from plans for a free trade agreement with Taiwan after China warned any deal would hurt relations between Beijing and Canberra.
27-Oct-2018
The Australian
The federal government has urged Labor to support the Peru trade deal amid concerns the opposition’s new trade policy will blow up an agreement that has already been signed.