Jason Wood (La Trobe, Liberal Party, Assistant Minister for Customs, Community Safety and Multicultural Affairs) Share this | Hansard source

First of all, I thank all members for their contributions to this debate on the Customs Amendment (Regional Comprehensive Economic Partnership Agreement Implementation) Bill 2021 and the Customs Tariff Amendment (Regional Comprehensive Economic Partnership Agreement Implementation) Bill 2021. I also thank in particular the opposition member for Brand for working so closely with the government. It is such an important bill.

The signing of the Regional Comprehensive Economic Partnership Agreement in November 2020 by Australia and 14 other countries signalled a shared commitment to opening up a new trade world and investment opportunities and supporting the rules based trading arrangements. These were especially important signals in the face of the challenges of COVID-19 and, of course, the emerging trade tensions. All signatory states—the 10 ASEAN member states and Australia, China, Japan, New Zealand and the Republic of Korea—share the common goal of promoting productive trade and investment links right across the Indo-Pacific region. The amendments to the Customs Act 1901 and the related amendments to be made to the Customs Tariff Act 1995 are required to implement the Regional Comprehensive Economic Partnership Agreement. Primarily, these amendments provide the rules that allow importers to determine whether their goods qualify for a preferential treatment, and that is absolutely great for Australian exporters.

This agreement will look in market access and address non-tariff barriers, creating significant new trade and investment opportunities for Australians across the Indo-Pacific. It will also establish rules, and that provides greater certainty and improves the business environment across the region.

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