Widespread benefits for Australian farmers, businesses and investors are one step closer with the enabling legislation for major trade deals with Indonesia, Hong Kong and Peru passing through the Parliament today.
Minister for Trade, Tourism and Investment Simon Birmingham said Australian businesses and farmers would soon be able to access new export opportunities in the Indo-Pacific region thanks to these new free trade agreements.
“These trade deals will mean more market access for our farmers, greater opportunities for our businesses, more jobs and increased investment for Australia,” Minister Birmingham said.
“Continuing to expand opportunities for Australian exporters is a key pillar of our economic plan and builds upon successes that have already fuelled Australia to record levels of exports and a record trade surplus.
“With Indonesia being one the fastest growing economies in the world, this deal will provide a major boost for Australian farmers — with producers of grains, beef, dairy and horticulture, and many other products all set to benefit from lower tariffs and improved access.
“Australian services suppliers and investors will benefit through greater certainty for entry and operation in the Indonesian market, including guaranteed levels of Australian ownership in a range of sectors.
“This agreement with Indonesia also contains a dedicated chapter on non-tariff barriers which will reduce impediments to exporting, the first for any Australian trade deal.
“Our Hong Kong agreement will include modernised conditions for two-way investment, will deliver a competitive edge for business through e-commerce rules, ensuring vibrant digital economic links and enhancing free movement of data.
“Our Peru deal will provide major new market access for Australian farmers as well as open up new opportunities for Australian services providers including in mining and education.”
“I acknowledge and thank the Australian Labor Party who supported this legislation and for recognising the export opportunities these agreements will unlock for Australian farmers and businesses.”
Assistant Trade and Investment Minister Mark Coulton said Australian primary producers will benefit from greater certainty and access, particularly to the Indonesian and Peruvian markets.
“When the drought breaks, farmers and regional businesses are going to need as many new markets as possible to stimulate regional economies, and these new deals will provide more access for more people and are a win for rural communities,” Minister Coulton said.
Assistant Minister for Customs, Community Safety and Multicultural Affairs Jason Wood welcomed the improved customs arrangements that will also flow from the ratification of the three free trade agreements.
“The Morrison Government is committed to ensuring goods can move as easily and efficiently across borders as possible and these bills will contribute to that important goal,” Assistant Minister Wood said.
The Government will now move quickly to complete the final few ratification processes for these three trade deals before the end of the year. Hong Kong and Peru have already completed ratification processes and we remain hopeful that Indonesia will complete their ratification processes early next year.
Further information on the benefits of these trade agreements can be found here.
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