Benefitting from Australia’s Free Trade Agreements

THE Australian Parliament’s newly appointed Trade and Investment Growth Committee today commenced its inquiry into the business experience in utilising Australia’s existing free trade agreements (FTAs) including New Zealand, Singapore, Thailand, the United States, Chile, the Association of Southeast Asian Nations (along with New Zealand) and Malaysia.

In announcing the inquiry, the Chair of the Committee, Mr Ken O’Dowd MP said, "Australia is the world’s 12th largest economy with its major trading partners being China, Japan, and the United States. Australia has a number of long-standing FTAs with other countries including with ASEAN-New Zealand, Chile, Malaysia, United States, Singapore, and Thailand. These FTAs provide an important opportunity for Australia to boost its trade with these countries and benefit the future growth of Australian business."

The committee will examine the opportunities and challenges faced by Australian business arising from Australia’s existing FTAs with a view to identifying how Australia might best benefit from the recent and proposed North Asia FTAs.

"While FTAs create a framework for increased trade and investment it is important to address any barriers preventing realisation of these benefits and address them in future agreements," Mr O’Dowd said.

The committee was established to examine measures to further boost Australia’s trade and investment performance, including barriers to trade, reduction of red tape, and structural challenges and opportunities for the Australian community. As part of its remit, the committee will focus its examination on the experience of business in using Australia’s existing FTAs.

Written submissions from interested individuals and organisations are invited by COB Friday, 26 June 2015. The preferred method of receiving submissions is by electronic format lodged online using a My Parliament account. Please do not send submissions directly to the committee’s email inbox.

Guidance on preparing a submission is available on the committee’s website at www.aph.gov.au/jsctig

ends