Craig Laundy (Reid, Liberal Party) Share this | Link to this | Hansard source

Thank you, Madam Speaker. That yielding is a lot overrated. My question is to the Minister for Foreign Affairs. Might I add that it is lovely to actually have her in the country! Will the minister update the House on how the government has strengthened Australia's relations with our major trading partners in Asia and the benefits this will have for the Australian economy?

Mr Ripoll interjecting—

Mrs Bronwyn Bishop (Speaker) Share this | Link to this | Hansard source

This really does feel like the last week of the sitting. This is normally the behaviour we get in the last week. However, perhaps if we hear a splendid answer from the Minister for Foreign Affairs we may have some decorum return to the chamber.

Ms Julie Bishop (Curtin, Liberal Party, Minister for Foreign Affairs) Share this | Link to this | Hansard source

I thank the member for Reid for his question. It is indeed a delight to be in the country, because over the last few weeks we have demonstrated how this government delivers on opportunities for our exporters and opportunities for Australians to get jobs. We know that Australia's prosperity and Australia's security depend on trade and engagement with our region. We know that Australia's reputation as an open, export oriented market economy is important, because we need to ensure that we can create jobs for the 21st century. That is why we have placed China, Japan and South Korea as key priorities in our foreign policy based on economic diplomacy. Just as traditional diplomacy aims for peace, so economic diplomacy aims for prosperity. Our policy finds its expression in the completion by our magnificent Minister for Trade and Investment of three free trade agreements with the major economies of North Asia. In the case of China, we will be able to slash tariffs on 95 per cent of goods and our exporters will have greater access to a $10 trillion economy. In Japan, 100 percent of our resources, energy, manufacturing exports will have tariff-free entry. Korea, the minister tells us, will add $650 million to our economy annually. This is a result of these three free trade agreements. We said we would negotiate and conclude three free trade agreements and we have delivered. This does demonstrate our ability to focus on what matters most to Australians—that is, opportunities for our young people to have jobs and opportunities for our businesses to grow with new sources of capital, new markets and an enhanced existing markets. Labor said that free trade agreements were overrated. That was just an excuse for their lazy incompetence.

Through commitment, we have been able to ensure that our relationships with our three major trading partners are better than they have ever been before. These are backed up by high-level dialogues with our Prime Minister, who welcomed Prime Minister Abe to Australia in July, President Xi to the G20 and to Canberra for the joint sitting of the parliament, and President Park to the G20. The trade minister and I meet frequently with our counterpart ministers. This is what the New Colombo Plan is also about—building connections and networks between the leaders of the future. Our relationships with our three trade major trading partners—China, Japan and Korea—have never been better as a result of commitment, dedication and an understanding of what matters to create new jobs and to create new markets for our exporters.