Jess Walsh (Victoria, Australian Labor Party) Share this | Link to this | Hansard source

My question is to the Minister for Trade and Tourism, Senator Farrell. In the minister's speech delivered on 14 November last year at the Australian APEC Study Centre at RMIT, the minister outlined the Albanese government's approach to trade policy. A central plank of the government's trade policy strategy is market diversification. This approach seeks to provide more commercial opportunities in overseas markets to avoid overly relying on any single trading partner. To this end, can the minister provide an update on the status of the Australia-United Kingdom Free Trade Agreement?

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

I thank Senator Walsh for her question. I know she has a deep interest in trade issues.

After a decade of coalition government, Australia is more dependent than ever on a single market for our exports. To overcome this predicament, the Albanese Labor government is actively progressing a trade policy agenda that creates more opportunities for Australian businesses to gain new market access into major markets. This includes implementing a gold standard trade agreement with the United Kingdom. The former Liberal government dropped the ball by failing to conclude parliamentary processes to implement the Australian—

Opposition Senators:

Opposition senators interjecting—

Simon Birmingham (SA, Liberal Party, Shadow Minister for Foreign Affairs) Share this | Link to this | Hansard source

Negotiated and signed by who?

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

In contrast, this government prioritised the parliamentary processes to implement the UK free trade agreement, which was concluded last year.

Simon Birmingham (SA, Liberal Party, Shadow Minister for Foreign Affairs) Share this | Link to this | Hansard source

Negotiated by the former government.

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

No, it wasn't. I'm pleased to advise the Senate that overnight—

Opposition senators interjecting—

Please listen to this. Calm down! I'm pleased to advise that overnight the United Kingdom moved closer to finalising its domestic processes to be in a position to implement the trade to deal with Australia. A significant step was taken with the king providing royal assent to UK legislation to bring the bilateral free trade agreement into force. Completion of this step paves the way for the laying of subordinate legislation in the United Kingdom and Scottish parliaments, the final procedure required to complete the UK's ratification process. The Albanese government is looking forward to implementing the free trade agreement— (Time expired)

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

Senator Walsh, your first supplementary question?

Jess Walsh (Victoria, Australian Labor Party) Share this | Link to this | Hansard source

The United Kingdom is one of Australia's closest and most important partners. We already have deep economic and people-to-people links. Can the minister explain how the Australia-United Kingdom Free Trade Agreement will deliver additional benefits to Australians?

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

I thank Senator Walsh again for her question. A free trade agreement with the United Kingdom will provide significant opportunities for all Australians. The United Kingdom is Australia's fifth-largest trading partner. The deal removes tariffs on over 99 per cent of Australian goods exported to the United Kingdom, valued at about $9.2 billion. This outcome provides significant commercial opportunities for our farmers, our food producers, including for beef, sheepmeat, wine, dairy, rice and sugar exports. The agreement will provide a level playing field for Australian services suppliers—

James McGrath (Queensland, Liberal National Party, Shadow Assistant Minister to the Leader of the Opposition) Share this | Link to this | Hansard source

No-one's listening on your side, Don; they're all on their phones!

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

They are transfixed, Senator!—including professionals accessing the UK market. When implemented, the agreement will help to lower the cost-of-living pressures for Australian families. (Time expired)

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

Senator Walsh, a second supplementary?

Jess Walsh (Victoria, Australian Labor Party) Share this | Link to this | Hansard source

The Australia-United Kingdom Free Trade Agreement is the first full trade agreement the UK negotiated from scratch following Brexit. Can the minister explain how the free trade agreement will boost jobs and commercial opportunities?

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

While the UK trade deal will benefit all Australians by creating more jobs and commercial opportunities, I will provide one example for the great state of New South Wales, which goes to the ballot box tomorrow.

SIA Medical, which is based in Sydney, is Australia's largest provider of epilepsy diagnostic services. The company is expanding fast and recently opened an office in London. While in London last year, I saw firsthand this Australian cutting-edge technology in action. It's truly amazing technology developed here in Australia. The team said they were excited about the benefits the trade deal will deliver, including facilitating the movement of equipment and staff. This is just one example of how the UK trade deal will improve business opportunities.