Tanya Plibersek (Sydney, Australian Labor Party, Deputy Leader of the Opposition) Share this | Hansard source

I thank the minister. On behalf of the opposition, I welcome the tabling of the signed Korean-Australian Free Trade Agreement and the related national interest analysis. The former Labor government commenced negotiations on a bilateral trade agreement with the Republic of Korea in 2009 and substantially progressed the negotiations during our term. Those negotiations were part of Labor's embrace of our region. In our Australia in the Asian century white paper we mapped out significant opportunities—and some challenges—for Australia in our region. Increased trade in goods and services is one of those key opportunities.

The Republic of Korea and Australia have a good, strong and stable relationship. Post defence assistance in the Korean War in the 1950s and the establishment of formal diplomatic relations in 1963, the trade relationship between our two countries has developed rapidly. Korea is now our fourth largest trading partner in terms of two-way trade, accounting for over $30 billion per annum of trade between our countries. There is much more capacity to deepen our trading relationship with Korea. A key test of the agreement signed by the government is how much of that capacity will be realised.

2 As noted by the minister, the tabling of the Korea-Australia Free Trade Agreement and accompanying national interest analysis today will provide the parliament and the Australian people with the opportunity to scrutinise the provisions of the treaty in detail. The Prime Minister announced that negotiations on this agreement were concluded in December last year. The text was not made public until 17 February 2014. In tabling the signed agreement and national interest analysis today, 13 May 2014, the minister has finally given the parliament the opportunity to properly scrutinise the details of this agreement. Labor will of course embrace that opportunity both through the Joint Standing Committee on Treaties and the Senate's Foreign Affairs, Defence and Trade References Committee inquiry processes.

Labor has a strong and well-founded concern about the inclusion of an investor-state dispute settlement mechanism in this treaty. The minister has provided the House with some assurances today about the operation of so-called carve-outs of that that investor-state dispute settlement mechanism. I assure him and the Australian people that we will test those assurances. We will also examine the decision to include certain safeguards in the agreement in favour of Korean industry and the decision to exclude some agricultural industries from the terms of the agreement. All Australians have a stake in our trading relationship with the world. The Senate committee has already called for public submissions and I would encourage industry stakeholders and citizens to inform the parliament's consideration by sharing their views.

On behalf of the shadow minister for trade, Senator Wong, and the opposition, I acknowledge the work of the minister and I congratulate him and his officials in reaching agreement on the terms of the Korea-Australia Free Trade Agreement. I also welcome the minister's generous acknowledgement of the contribution of the former trade minister, Dr Emerson.

Parliamentary consideration of proposed treaties is a fundamental element of our democratic processes. While we are about to embark on our parliamentary consideration of this treaty proposal I note that equivalent domestic processes are underway in Korea. Labor is committed to working with the government constructively but not uncritically in ensuring the proposed treaty before the House is in our national interest.

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