- 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
7-Nov-2024
The Australian
Already Australia’s biggest trading partner in the Middle East, the United Arab Emirates has signed a free-trade agreement that is set to benefit farmers and exporters.
20-Sep-2024
ABC
Australia has agreed to its first free trade agreement with a Middle Eastern nation, the United Arab Emirates, in a major deal that will boost profits in our largest vegetable export market and with one of our rapidly growing red meat trade partners.
19-Sep-2024
ACTU
The ACTU has spoken out against Australia’s new trade deal with the United Arab Emirates as one of the worst countries Australia has ever negotiated a bilateral free trade agreement with.
17-Sep-2024
Yahoo
Australians are set to benefit from cheaper jewellery and perfumes while farmers will save on taxes under a free-trade deal, but concerns are being raised about working conditions.
12-Jul-2024
AFTINET
62 Australian lawyers and legal scholars have issued an open letter urging the Australian government to swiftly implement its policy of excluding Investor-State Dispute Settlement provisions from current and future trade and investment agreements.
14-Mar-2024
AFTINET
Some international trade agreements allow foreign investors to sue the Australian government if a change in law or policy reduces their profits, even if the change protects public health or the environment.
9-Feb-2024
Khabarhub
The Nepal-Australia Trade and Investment Framework was signed during Foreign Minister NP Saud’s ongoing visit to Australia.
16-Jan-2024
AFTINET
Critics have highlighted that the UAE is only Australia’s 19th largest trading partner, and have said that the economic benefits are outweighed by the reputational risk Australia takes by implicitly endorsing the UAE’s poor human rights and labour practices through an FTA.
13-Dec-2023
Yahoo
Negotiations to strike a free trade deal with the United Arab Emirates will begin in the new year, after Australia’s talks with the European Union collapsed.
6-Dec-2023
The Australian Financial Review
Australian companies looking for a foothold in both the United Kingdom and European Union markets could take a close look at Northern Ireland, which has unfettered tariff-free access to both.