Peter Hendy (Eden-Monaro, Liberal Party) Share this | Link to this | Hansard source

Earlier this week in question time I asked the Minister for Trade and Investment why it is important that the government's landmark free trade agreement with China comes into force by the end of this year. The minister explained that doing so would result in a double benefit of tariff cuts for our exporters, one before the end of this year and one in the first week of January, resulting in hundreds of millions of dollars of extra benefit to Australian businesses. This is exceptional news for Eden-Monaro. The FTA will see tariffs fall to zero for products such as wool, sheepmeat, beef, forestry products and fishery products such as oysters—all principal export earners for my electorate.

The cost of delaying or failing to ratify is enormous, particularly for rural and regional areas. The National Farmers' Federation estimates that the cost to rural communities would be $300 million next year alone. The red meat industry will see a cost of $100 million, dairy $80 million, and wine $50 million—real costs, real losses, real jobs. These are real businesses that are out there working hard, taking risks, driving our economy and strengthening our communities.

I would like to advise the House of one such business. Australia's Oyster Coast Ltd is an innovative Australian company with a growing international brand and an emerging tourist destination in my electorate of Eden-Monaro. Representatives of the company have been in China this week exploring further export opportunities. They attended the Hong Kong Trade Development Council Food Expo and conducted the company launch in Guangzhou. Following a successful commercial tasting and the launch, they held meetings and negotiations with potential customers, partners and supply chain providers from Guangzhou, Hong Kong and Shenzhen as well. I received a brief from Mr David Trebeck, Chairman of Australia's Oyster Coast Ltd, on his return from China yesterday. David conveyed to me the very positive outcomes of the launch. Australia's Oyster Coast Ltd confirmed short-term sales, with expectations of those sales tripling within three months. The Hong Kong Trade Development Council CEO stated that the Australia's Oyster Coast exhibition was the highlight of the expo.

The existing tariffs on this sector will be eliminated under the China free trade agreement over three consecutive years. The resulting price reduction will be critical in making our products more competitive vis-a-vis the current market leader, France. David said to me the importance of that is 'hard to overstate'. I stand firmly behind Australia's Oyster Coast Ltd and will support them in any way I can. Those opposite hold a different view, but they should get behind jobs in my electorate, jobs for small business, jobs for regional areas, and back the China FTA.