Madeleine King (Brand, Australian Labor Party, Minister for Northern Australia) Share this | Hansard source

The Albanese Labor government understands how critical international trade and investment is for the Australian economy. That includes the Minister for Trade and Tourism, Senator Don Farrell, who I'm very proud to represent in this place. He is such a strong advocate for our country on the international stage. He's a great South Australian and a great trade minister. More trade and investment means more national income and more secure, well-paid local jobs. It means a stronger, more diversified and more resilient Australian economy, which is why the Albanese Labor government is making significant investments to expand our trade opportunities, repair our international reputation and simplify our trading system.

This includes stabilising our relationship with China, Australia's largest trading partner. Since the election of the Albanese Labor government two years ago, nearly $20 billion in trade impediments have been removed. Just last week, China lifted suspensions on a further five meat establishments. It followed the lifting of trade impediments on Australian barley, cotton, oaten hay, wine, coal, copper ores and timber. This government is working to see all remaining trade impediments removed as soon as possible, including for Australia's rock lobster industry, which is particularly important to my home state of Western Australia.

I would note that just a week ago it was the one-year anniversary of the Australia-UK Free Trade Agreement, which Minister Farrell ensured got through this parliament in record time. This has unlocked tariff-free beef and sheepmeat into the UK.

I do acknowledge the member for Wannon who, as trade minister at the time, had a lot to do with the negotiations in that free trade agreement. I was shadow trade minister at the time, so I had a bit to do with it as well. It is undoubtably a great free trade agreement, and congratulations to all concerned.

Trade diversification remains a key element of this government's trade policy strategy. That is why we are generating new and diversified trade and investment opportunities for Australian businesses. Negotiations have started on an FTA with the United Arab Emirates, which will facilitate investment, grow Australian exports and create secure, well-paid jobs across the country. The UAE is Australia's largest trade and investment partner in that region, with two-way trade worth $9.4 billion in 2022-23.

Since the Albanese Labor government brought the Australia-India Economic Trade and Cooperation Agreement into force, trade with one of the world's fastest growing economies has surged. I might take this moment to congratulate Prime Minister Modi on his re-election as the Prime Minister of India. The government is building on this success by progressing negotiations for a more ambitious agreement, allowing us to go further into areas such as digital trade and deliver even more opportunities for our exporters. The recent budget includes $14.4 million to expand the successful Australia-India Business Exchange, allowing even more Australian businesses to benefit from new trade and investment opportunities with India and across South Asia. The budget also includes a $2 billion South-East Asia investment financing facility to boost our trade and investment in the region and over $500 million to deepen economic ties with South-East Asia, the fastest growing region in the world.

The Albanese Labor government understands the economic opportunities that a global energy transition brings. The resources needed for the world to reach net zero lie right beneath our feet, and that is why we are working closely with our trading partners to promote investment in critical minerals, hydrogen and clean energy technologies. Just last week, alongside Minister Farrell, I signed a memorandum of understanding between Australia and the European Union on the strengthening of critical minerals supply chains. This will ensure that Australian miners and Australian mining processes will have greater access to European Union automotive original equipment manufacturers and green tech manufacturers, which will be vital for supply chains into the future for our country and also for the massive market that is the European Union.

The government is also making changes to streamline Australia's trading system and strengthen Australia's foreign investment framework. We have invested $29.9 million to streamline trade processes through the Simplified Trade System, making trade faster, easier and cheaper for Australian importers and exporters. We've invested over $10 million in the successful Go Global Toolkit, which offers online export information and advice to help Australian businesses expand overseas.

These are just some and there are many more of the 2024-25 budget measures that will support trade, and there are also, of course, measures to support tourism. We know all of these industries are very important for national prosperity.

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