Marise Payne (NSW, Liberal Party, Minister for Human Services) Share this | Hansard source

I thank Senator Bushby very much for his question. This is a trifecta of trade agreements with the major economies of North Asia. They are extraordinarily powerful enablers and are part of our government's efforts to help diversify our economy. As I have said before, it is about placing us in the best possible position to take advantage of the opportunities that are coming down the line, particularly in our region, in the area around us. The ChAFTA, in particular, is going to open significant new opportunities for Australia in what is the world's second-largest and fastest-growing economy. China is already Australia's largest export destination for both goods and services. It accounts for nearly a third of total exports and is our largest export market for agriculture, for resources and for services. Upon full implementation of the agreement, some 95 per cent of Australia's goods exports to China will enter China duty-free. Significant barriers to Australia's agricultural exports will be removed across a range of products, including beef, dairy, lamb, wine, hides and skins, horticulture, barley and seafood.

It is no wonder that an agreement of this nature, of this standing, has been very strongly backed by many people—not only by independent third parties but, interestingly, also by some quite senior Labor figures. Mr John Brumby, who of course is head of the Australia China Business Council, says:

ChAFTA is a high quality agreement that will deepen Australia's relationship with our biggest trading partner and which provides Australian companies with a real competitive edge in the China market.

And we have Craig Emerson. We have Bruce Hawker himself, often a commentator for Labor, and, as I have said before, even former trade minister Simon Crean. (Time expired)