First public hearings for trade diversification inquiry

THE FIRST HEARINGS for the Joint Standing Committee on Trade and Investment Growth’s inquiry into the need for Australia to diversify its trade markets and foreign investment profile will be held in Canberra on July 14 and 15.

George Christensen MP, Chair of the Parliament’s Trade and Investment Growth Committee, said it had become critical for Australia to review and assess its strengths and weaknesses in a context of growing international uncertainty and globalised economic interdependence.

"Adapting to and preparing for evolving market challenges is necessary to support Australian export businesses," Mr Christensen said.

"Australia needs to ensure any foreign investment is consistent with our national interest and not to the detriment of Australians."

The hearings will focus on the agricultural sector and business and industry groups. Programs are available on the inquiry website.

As part of its inquiry, the Committee is considering whether Australia is too reliant on foreign investment and any one market for exports, and the advantages and disadvantages of its current trade and investment profile.

The Committee will also examine how global crises and bilateral trade agreements affect Australia’s export and investment relationships, as well as its domestic market.

"Understanding Australia’s export capacity and foreign investment attractiveness will help Australian businesses remain competitive internationally. This supports a strong economy that keeps people in jobs," Mr Christensen said.

Further public hearings will be scheduled in August, with updates to be provided on the Committee’s webpage.

Submissions from interested individuals, businesses and organisations are invited by Friday, July 31, 2020. The preferred method of receiving submissions is by electronic format lodged online using a My Parliament account.

More information about the inquiry, including the full terms of reference and details on how to lodge a submission, is available on the Committee’s webpage.

Public hearings details

Date: 14 July 2020
Time: 9am to 5pm
Location: Canberra

Date: 15 July 2020
Time: 9am to 12.30pm
Location: Canberra

ends