Tony Abbott (Warringah, Liberal Party, Prime Minister) Share this | Link to this | Hansard source

I am pleased to inform the House that the Minister for Trade and Investment has successfully concluded negotiations for a free trade agreement between Australia and the Republic of Korea. The Republic of Korea is Australia's third largest export market. Under this agreement, tariffs will be eliminated on Australia's major exports to Korea, and there will be significant new market openings in services and investment. Tariffs will be eliminated on items such as beef, wheat, dairy, sugar, wine, seafood, grapes, cherries and mangoes. Beef tariffs, I am pleased to say, will be completely phased out over 15 years, which will restore Australia's competitive position in this key market. Australian automotive suppliers will benefit from the immediate removal of tariffs, as will the wine industry. The free trade agreement will provide new market opportunities for Australian services in education, telecommunications, financial accounting and the law.

The concluded negotiations will now go to cabinet for final consideration and to the Joint Standing Committee on Treaties for consideration. Conclusion of this free trade agreement will see the delivery of a key election commitment. Conclusion of this agreement will be good news for our exporters, good news for our farmers, good news for jobs, good news for growth and good news for Australia. I do acknowledge that the negotiations for this free trade agreement were commenced in 2009 under the former government. I congratulate the Minister for Trade and Investment for bringing them to what looks very much like a successful conclusion.

Bill Shorten (Maribyrnong, Australian Labor Party, Leader of the Opposition) Share this | Link to this | Hansard source

We welcome the Prime Minister's announcement. Australia and the Republic of Korea are strong friends in both war and peace. We are partners in economic, political and strategic matters, and share common values and interests. A free trade agreement with the Republic of Korea presents significant opportunities for Australia. It was former Prime Minister Rudd and Korean President Lee Myung-bak who agreed to launch bilateral FTA negotiations.

The opposition recognises that reducing barriers to trade can boost our economic growth, create more competitive industries and provide consumers with access to a wider range of goods and services at lower prices. The pursuit of these objectives drives Labor's support for a more open global trading system. Labor believes the Asian century is at the centre of our national debate and has opposed protectionist responses to the global financial crisis both at home and abroad.

Labor also successfully negotiated the ASEAN-Australia-New Zealand Free Trade Agreement and FTAs with Malaysia and Chile. Labor had an ambitious agenda for trade in office and we will maintain our commitment in opposition. However, we respectfully request that senior government officials provide a briefing to the opposition at the earliest possible time and that the government release details of the agreement that the Prime Minister has announced as soon as possible so it can be reviewed and assessed. We wish to appreciate its impact on our budget and our economy. Not least of all, we want to ensure that Australian jobs are supported and maintained, and that Australian opportunities are available in the future to ensure that our national interest is advanced.