International & Trade
"My Government is creating new export opportunities for Australian farmers, services, businesses and manufacturers that supports economic growth and creates new jobs."
The Turnbull Government is creating new export opportunities for Australian farmers, services businesses and manufacturers to support economic growth and to create new jobs.
Australia is party to 11 Free Trade Agreements (FTAs) - international treaties that reduce barriers to trade and investment. Australia's FTAs provide:
- better Australian access to important markets
- an improved competitive position for Australian exports
- more prospects for increased two-way investment, and
- reduced import costs for Australian businesses and consumers alike
Free trade and open markets are a big part of Australia's 26 years of uninterrupted growth. The Turnbull Government is facilitating trade and trading opportunities for Australian businesses, and for foreign businesses to have trading opportunities with Australia. Free trade has delivered jobs in services, tourism, education, professional services, and the export of goods. Wherever the Turnbull Government can open the door for Australian exports and create more Australian jobs, we will do it.
That is why we are progressing an ambitious trade agenda, helping Australian exporters capitalise on opportunities created by our Free Trade Agreements with China, Japan and Korea; launching new negotiations with important markets in Asia, Europe and Latin America; and working hard to conclude agreements with Indonesia, India and the 16-member Regional Comprehensive Economic Partnership. In November 2017, Australia and Peru finalised a comprehensive trade agreement that will generate exports, income and jobs. The conclusion of the Peru-Australia Free Trade Agreement (PAFTA) will create new opportunities for Australian exporters in one of the fastest growing economies and regions in the world.
Under the Turnbull Government, record numbers of tourists are visiting Australia and they’re staying longer and spending more. Tourism spending for the year ending March 2017 was $101.6 billion. This growth in spending and visitor nights means more jobs, more economic growth and more prosperity for all Australians.
- Exports are booming to our three largest Asian export markets, China, Japan and Korea, with whom we have FTAs.
- The Peru-Australia FTA was finalised on the 10th November 2017. This is the fastest trade agreement Australia has ever concluded after negotiations were launched in May earlier this year.
- Launched trade negotiations with Hong Kong and the Pacific Alliance (made up of Mexico, Chile, Peru and Colombia), and working to conclude a trade agreement with Indonesia. With a population of more than 250 million people on our doorstep, the Indonesian-Australia Comprehensive Economic Partnership Agreement (IA-CEPA) promises to open a new era in our economic relationship with this important neighbour.
- The Turnbull Government is seeking to conclude negotiations with the 16-member Regional Comprehensive Economic Partnership and is committed to harvesting the benefits of the Trans-Pacific Partnership.
- We have successfully concluded a joint scoping exercise with the EU and are moving towards launching negotiations. With the UK, we have established a bilateral Trade Working Group to work towards an eventual FTA following Brexit.
- The Turnbull Government delivered the Pacific Agreement on Closer Economic Relations (PACER Plus), which will help drive economic growth and raise living standards in Pacific Island Forum Countries.
- The level of total foreign investment in Australia rose $153.3 billion (or 5.0 per cent) from $3.0 trillion at the end 2015 to $3.2 trillion at the end of 2016, funding more opportunities for Australian growth and demonstrating confidence in the Australian economy.
- The Government has provided Tourism Australia with record funding because we recognise that tourism creates jobs and supports jobs.
- Through the Tourism Demand Driver Infrastructure program we are providing $43.1 million over four years to drive demand, improve quality and increase tourism expenditure across Australia.
Under the Turnbull Government
Prime Minister of Australia
The Hon Malcolm Turnbull MP
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