Jerome Laxale (Bennelong, Australian Labor Party) Share this | Hansard source

I'd like to thank the member for Adelaide for the opportunity to speak to this motion, and I note his commitment to free and open trade, particularly in his role as chair of the Joint Standing Committee on Trade and Investment Growth. Free, fair and open trade is fundamental to Australia's place in our global economy. It underpins our economic prosperity. It underpins industry growth, resilience and innovation, and it has an important part to play in international relations.

The government is committed to generating new international trade and investment opportunities to drive Australia's economy, employment and growth. In this ever-changing global landscape, trade diversification is the linchpin of our trade policy strategy. We recognise the need to deepen and diversify our trading relationships, particularly within our own region.

One of the most significant trade negotiations in recent times is our ongoing pursuit of a free trade agreement with the European Union. The EU has a massive market—approximately 450 million people and a GDP of around $24 trillion in 2022. This presents a substantial opportunity for Australia. As a block, the EU is our third largest trading partner, with two-way trade, goods and services worth nearly $100 billion in our financial year 2021-2022. Our relationship with the EU is built on a strong foundation of shared democratic values and a like-minded approach to various international issues. Therefore, securing a comprehensive trade deal with the EU is not merely an economic endeavour but also a very important strategic one. Europe is seeking out stable, like-minded partners and, in Australia, they have one. A free trade agreement with the EU will strengthen our economic and trade links at a time of heightened geostrategic uncertainty. It will enable us to diversify our trade portfolio and collaborate with like-minded partners on critical issues facing the globe, such as climate, energy and upholding the global rules based trading system.

An FTA with Europe would be good for Europe, but it also must be good for Australia. While great progress has been made on the finalisation of this agreement, understandably some negotiations have presented unique challenges, particularly in certain agricultural sectors where offers have not met Australia's initial expectations. The Minister for Trade and Tourism has been integral in ensuring that our national interests are not compromised and ensuring that the government does not settle for a deal that falls short of our community's expectations or our needs.

We need an agreement that provides good outcomes, particularly for Australian farmers and businesses. Negotiating a comprehensive trade agreement with the EU is not a task that should be rushed or undertaken lightly. It's a process that demands careful consideration, strategic planning and unwavering dedication. To that end, I applaud the minister for making it clear that the Australian government will only accept a trade deal if it delivers commercially meaningful market access for Australian agricultural products.

In an era where economic prosperity is deeply intertwined with international trade, the minister's resolute stance reflects his commitment to promoting Australian exports and bolstering our domestic industries. His insistence on commercially meaningful market access for agricultural products and his promotion of clean energy transition and, importantly, workers' rights demonstrates our government's unwavering dedication to our national interest.

The Albanese Labor government's commitment to free, fair and open trade is unwavering. We believe in generating new international trade opportunities, defending and reforming the global rules-based trading system and building partnerships that align with our ambitions for a renewable energy future. We've got so much to give in this space. We truly can become a renewable energy superpower. It would in particular serve Europe's interests that we supplied them with our goods, wouldn't it?

As we navigate the complexities of these negotiations with the EU, we must remember why it is crucial to take the time necessary to ensure the best possible outcomes for all Australians. A comprehensive trade agreement with the EU is not a transaction; it's an investment in our future and our industry. The potential benefits of this agreement extend far beyond immediate economic gains. They offer a pathway to prosperity, job creation and sustainable growth for our nation. Therefore, it's imperative that we give due diligence to these negotiations to secure the best deal for Australians. Rushing through this process would be a disservice, and I applaud the minister's efforts to date and wish him well for future negotiations.

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