Marise Payne (NSW, Liberal Party) Share this | Link to this | Hansard source

My question is to Senator Minchin, the Minister representing the Prime Minister. Will the minister advise the Senate of the outcomes of the recent APEC meeting in Sydney?

Nick Minchin (SA, Liberal Party, Minister for Finance and Administration) Share this | Link to this | Hansard source

I thank Senator Payne for that question. If we look back over the last week at APEC, I think all Australians can be very proud of what has been achieved. Not only has the Sydney meeting of APEC strengthened our relationships with our Asia-Pacific neighbours; it has delivered real and meaningful results for Australia across a range of areas: climate change, security and our economic ties. On climate change, as Senator Abetz very capably outlined, APEC has been a chance to address the biggest shortcoming in the Kyoto protocol: the fact the Kyoto protocol seeks to limit the emissions of developed countries, not the developing world. APEC brought together the countries responsible for 60 per cent of CO emissions, including the two largest emitters: China and the US. The fact that all APEC countries, developed and developing, have reached agreement on climate change issues is very significant in itself.

APEC’s agreement to an aspirational goal of at least a reduction of 25 per cent in energy intensity by 2013 is the first time developing countries have made such a commitment. With deforestation a key issue in many APEC countries, APEC’s commitment to the goal of increasing forest cover in the region by 20 million hectares by 2020 is a very significant step forward. It would mean approximately 1.4 billion tonnes of carbon, equivalent to around 11 per cent of annual emissions, would be sequestered. APEC established the Asia-Pacific Network for Energy Technology to strengthen collaboration on energy research. I think the Sydney declaration will be a key input at the upcoming US major economies meeting in September and at the UNFCCC meeting in Bali in December. APEC also committed to re-energising the Doha trade round, a key issue for Australia’s exporters, and to considering further an Asia-Pacific free trade agreement.

APEC was not only significant as a multilateral forum; it gave us the opportunity to advance our bilateral relationships. The US President’s visit to Australia delivered very significant results, most particularly a defence cooperation agreement which our defence companies say will mean more investment and more jobs in Australia. Chinese President Hu’s week-long visit to Australia was also significant. The fact that he took the time to visit Western Australia, Canberra and Sydney signifies the growth in our ties with that great country. His visit was an opportunity to sign a number of commercial deals between Chinese and Australian companies, with a total value of no less than $55 billion. In particular, Woodside and PetroChina signed a $45 billion LNG deal, which demonstrates our standing in the Chinese market as a reliable supplier of energy and the value of the relationship that we have built with China over the last 11 years.

We also had the first ever visit to Australia by a Russian leader, which was an opportunity to sign a new agreement allowing the supply of Australian uranium for use in Russia’s civil nuclear power industry and providing a framework for broader cooperation on peaceful nuclear related activities. Cooperation on nuclear energy, as well as security and other issues, was on the agenda for our meetings with the Japanese Prime Minister.

Sydney provided a terrific setting for this meeting, but the government acknowledges that this came at the cost of inconveniencing businesses and residents. We appreciate their forbearance. The fact the week proceeded so peacefully and successfully is a credit to all the federal and New South Wales authorities involved, and we thank the New South Wales government for their cooperation. The fact the meeting went so positively and delivered several multilateral and bilateral outcomes is a demonstration of the assured and experienced hand that Australia now plays in the Asia-Pacific region.