Amanda Stoker (Queensland, Liberal Party, Assistant Minister to the Attorney-General) Share this | Hansard source

I thank all for their contributions to the debate on the Customs Amendment (Regional Comprehensive Economic Partnership Agreement Implementation) Bill 2021 and the Customs Tariff Amendment (Regional Comprehensive Economic Partnership Agreement Implementation) Bill 2021. The signing of the Regional Comprehensive Economic Partnership, or RCEP, agreement in November 2020, by Australia and 14 other countries, signalled a shared commitment to opening up new trade and investment opportunities and support for rules based trading arrangements. Ratification of RCEP by the government would deliver significant benefits for Australia and for Australians. RCEP brings together in a single economic framework nine of Australia's top 15 trading partners, which together account for nearly 60 per cent of our trade and about two-thirds of our exports. The amendments to the Customs Act, and the related amendments to be made to the Customs Tariff Act, are required to implement the RCEP agreement. These amendments provide the rules that allow importers to determine if their goods qualify for a preferential tariff treatment. This agreement will lock in market access and address non-tariff barriers, creating significant new trade and investment opportunities for Australia across the Indo-Pacific region. It will also establish rules that provide greater certainty and improve the business environment across the region. I commend the bill to the Senate.