Catryna Bilyk (Tasmania, Australian Labor Party) Share this | Link to this | Hansard source

My question is to the Minister for Trade and Tourism, Senator Farrell. The Albanese Labor government finalised a trade agreement with India late last year which is now benefiting Australian businesses, including in my home state of Tasmania. Can the minister outline some of the opportunities this agreement has created for local businesses and jobs?

Don Farrell (SA, Australian Labor Party, Minister for Trade and Tourism) Share this | Link to this | Hansard source

Can I thank Senator Bilyk for her wonderful interest not only in trade but in tourism in her wonderful home state of Tasmania, which I'll be visiting tomorrow, hopefully with her and some of our other great Tasmanian senators. This is a very important question that she's asked, and the Albanese Labor government is getting on with the job of diversifying our trade in important markets like India.

On 1 January 2023, the second tariff cut under the Australia-India Economic Cooperation and Trade Agreement took effect. In the month of January, Australian businesses benefited from the tariff cuts on over $2.5 billion—I'll repeat that figure: $2.5 billion—worth of exports into India. This means more opportunities for our seafood, our meat, our fruits, our wine and our critical mineral exporters. It means cheaper products for Australian households, like groceries, fruit, nuts and clothing.

This deal has been a long time coming. Former prime minister Julia Gillard kicked off the trade negotiations in India over 10 years ago, and under the Anthony Albanese Labor government we finished the job.

Opposition Senators:

Opposition senators interjecting—

Don Farrell (SA, Australian Labor Party, Minister for Trade and Tourism) Share this | Link to this | Hansard source

We did the job that you failed to do, or couldn't do, by bringing an Indian trade deal into force. More trade means more and higher paying jobs for Australian workers.

Sue Lines (President) Share this | Link to this | Hansard source

Senator Bilyk, a supplementary question?

Catryna Bilyk (Tasmania, Australian Labor Party) Share this | Link to this | Hansard source

Does the minister have any specific examples of businesses that have started to use the provisions under the agreement to grow and expand trade with India?

Don Farrell (SA, Australian Labor Party, Minister for Trade and Tourism) Share this | Link to this | Hansard source

Senator Bilyk, thanks again for the question. As a matter of fact, I do. There are many great examples in the senator's home state of Tasmania, which I'm looking forward to visiting tomorrow. For example—

Opposition Senators:

Opposition senators interjecting—

Don Farrell (SA, Australian Labor Party, Minister for Trade and Tourism) Share this | Link to this | Hansard source

You'd be welcome! Senator Colbeck would be welcome—anything to restore the damage that you have done.

For example, there's the Hobart based fisheries company Australian Longline, who have benefited from tariff cuts on exports to India. In Western Australia, there's the Geraldton Fisherman's Co-operative, who recently secured an Indian distributor to supply fresh lobsters because of our free trade agreement, and, of course, they're getting into China as well. One in four Australian jobs relate to trade, and our trade diversification agenda is delivering more high-paying jobs to Australians.

Sue Lines (President) Share this | Link to this | Hansard source

Senator Bilyk, a second supplementary?

Catryna Bilyk (Tasmania, Australian Labor Party) Share this | Link to this | Hansard source

The trade agreement is part of the government's plans to diversify trading opportunities. What other actions is the government taking to diversify trading relationships, and how will local businesses benefit?

Don Farrell (SA, Australian Labor Party, Minister for Trade and Tourism) Share this | Link to this | Hansard source

Thank you again, Senator Bilyk, for your question. You're exactly right about our diversification policies. The Albanese Labor government are getting started on our trade diversification agenda with this important economic partner. Next month, I will travel to India with the Prime Minister and a business delegation to seize the opportunity under our existing free-trade deal and advance negotiations on a comprehensive economic cooperation agreement. We're supporting Australian businesses to diversify their trade and to deliver secure, high-paying jobs for Australian workers and Tasmanian workers.