- 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
8-Jun-2016
The Guardian
ALP says it will try to change three major agreements that allow corporations to sue if they think a government has damaged their interests
3-Dec-2015
The forced re-regulation of Queensland’s $2 billion sugar industry could breach international trade agreements and threaten foreign investment, Queensland Deputy Premier Jackie Trad said.
14-Sep-2015
Crikey
Doing the same thing over and over again and expecting a different result is meant to be one definition of insanity. It’s also a pretty good definition of poor policymaking.
7-Jul-2015
The Minerals Council of Australia has dismissed critics of free-trade agreements, including unions and civil society groups, arguing that deals struck between Australia and other countries have brought substantial benefits.
24-Jun-2015
The Productivity Commission has launched a scathing attack on Australia’s latest series of free trade agreements, saying they grant legal rights to foreign investors not available to Australians, expose the government to potentially large unfunded liabilities and add extra costs on businesses attempting to comply with them.
23-Jun-2015
Bloomberg
Australia is seeking to restart trade talks with Indonesia, Australian Minister for Trade and Investment Andrew Robb said, after a series of diplomatic spats left the negotiations in limbo.
22-Jun-2015
AAP
Australia is putting pressure on India to sign up to free trade agreement as good as the one finalised with China last week, says Treasurer Joe Hockey
13-Apr-2015
Al Arabiya
Australia and the GCC countries may only be a few months away from signing a landmark Free Trade Agreement deal “if a decision is made quickly,” Australia Trade and Investment Minister Andrew Robb says.
31-Mar-2015
Gulf Business
A GCC-Australia Free Trade Agreement is top of the agenda for Andrew Robb, the Australian Minister for Trade and Investment, when he returns to the region in April.
17-Nov-2014
ABC
Within an hour of finalising a free trade deal with China, Australia’s Federal Trade Minister said he hoped to complete an FTA with India in the next year.