Glenn Sterle (WA, Australian Labor Party) Share this | Link to this | Hansard source

My question is to the Minister for Trade and Tourism, Senator Farrell. Earlier this month the minister visited the United States for this year's APEC summit in San Francisco. This followed meetings in Osaka-Sakai, Japan, to attend the G7 Trade Minister's Meeting and Shanghai in China to attend the China International Import Expo. How does Australia's participation in these international meetings support the government's trade diversification strategy?

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

I thank Senator Sterle for his question. I know that he understands just how important trade is to the great state of Western Australia.

The Albanese Labor government has committed to building strong economic ties with our trading partners to deliver practical outcomes for Australia's exporters and to create more well-paying jobs for Australians. That's why earlier this month the Prime Minister and I travelled to San Francisco to attend APEC meetings. APEC has long been at the forefront of pushing the trade liberalisation agenda. This year's APEC priorities included advancing the digital trade agenda; ensuring inclusivity and sustainability; and mainstream intertrade and investment policies. While in San Francisco and Shanghai, I met with the Chinese Minister of Commerce, Wang Wentao. Engagement with China has proven effective—just ask any Australian exporter of coal, cotton, copper, concentrates, timber, logs, oats, hay, barley or stone fruits. Think of all the jobs created as a result of the considered approach the Albanese government has taken to restoring market access for these products.

A ministerial meeting also took place in San Francisco to advance the Indo-Pacific Economic Framework negotiations. IPEF, as it's known, is designed to promote workers' rights; to lift and align trading standards; to build supply chain resilience; and to promote clean energy investment so that trade flows more freely and more fairly in the Indo-Pacific region—our region. More trade, not less, means more well-paying jobs, more national income and, of course, more opportunities for businesses and for workers.

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

Senator Sterle, your first supplementary.

Glenn Sterle (WA, Australian Labor Party) Share this | Link to this | Hansard source

Can the minister briefly outline what practical benefits Australian exporters, businesses and workers can expect from Australia's participation in economic agreements like APEC and the Indo-Pacific Economic Framework?

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

I thank Senator Sterle for his supplementary question. The 2023 APEC agenda and the IPEF outcomes were complementary. Both help to build a more resilient and interconnected region, promote an innovative environment for the sustainable future and strengthen an equitable and inclusive future for all. In San Francisco I was pleased to sign Australia up to the new IPEF supply chain agreement. This is a practical agreement that will help fix future supply chain crises fast, easing cost pressures on households by getting more product into the market. Prime Minister Albanese also announced the creation of an IPEF critical minerals dialogue, which will enhance Australia's role as a renewable energy superpower. Outcomes such as these will strengthen Australia's ties with our trading partners.

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

Senator Sterle, second supplementary?

Glenn Sterle (WA, Australian Labor Party) Share this | Link to this | Hansard source

Digital trade and services are an important focus of APEC and IPEF. How is the government working to attract more investment in Australia's digital and tech sector?

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

FARRELL (—) (): I thank Senator Sterle for his second supplementary question. San Francisco is the gateway to Silicon Valley, and Silicon Valley is the home of global tech innovation, including artificial intelligence. I was pleased to meet with representatives from Google, Salesforce and innovative Australian startups using satellite technology to improve winegrowing around the world. The Albanese government is actively supporting Australian innovation as well as attracting foreign investment in technology to create more well-paying jobs at home. For example, Microsoft recently announced a $5 billion investment in Australia as well as new artificial intelligence partnerships with the Digital Transformation Agency. This investment helps to support the government's commitment of creating 1.2 million tech related jobs by 2030.