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 Federal Parliament yesterday.
The Federal Government's 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.
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.
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.
The 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.
The 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.
The 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.
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.
Source: Simon Birmingham LinkedIn post viewed 27 November 2019