Andrew Robb (Goldstein, Liberal Party, Minister for Trade and Investment) Share this | Hansard source

I thank the member for Braddon both for his observations and, more particularly, for his very strong contribution to the JSCOT inquiry. I would also like to acknowledge other members of that committee, in particular the former chair, the member for Longman, who has contributed in a most outstanding way to not only this inquiry but several others before it. I congratulate him on his elevation to the executive and, of course, I congratulate the new chair, the member for Hume.

Importantly, the committee recommended that binding treaty action should be taken, opening the way for debate in this chamber to begin on the customs bills that will give effect to this treaty. In this regard, the increase in China retail figures for September of 10.9 per cent year on year confirms the timeliness of this free trade agreement as China transforms its economic focus from industrial production and exports into a consumption driven economy. We are seeing already the enormous interest in so much of what we do in consumption products and services. JSCOT conducted a most comprehensive inquiry and received close to 100 submissions. It met in six cities across the country and consulted with a wide range of stakeholders across manufacturing, services, agriculture, academia, major industry groups and trade unions, and the list goes on.

Importantly, the report emphasised the sense of anticipation and certainty among exporters that is engendered by this free trade agreement, leading already to greater business confidence, driving already new investment and new jobs. This is evident in businesses like the Lion cheese factory in Burnie, in the member's electorate in Tasmania, which the committee, in fact, visited. The company has invested $150 million in the factory over recent years to position itself to take full advantage of the Asian market. This is indicative of the dairy processing sector generally, which has now committed almost $1 billion in upgrading existing capacity and establishing further capacity, and that investment is accelerating daily.

A major pipeline of deals across many sectors is well advanced in anticipation of this deal entering into force before the end of this year. The committee's work has confirmed that the China-Australia Free Trade Agreement will play a pivotal role in the country's going for growth strategy and it must be approved by this parliament.

See this speech in context