More trade the key to prosperity Senator The Hon Don Farrell Minister for Trade and Tourism
Australia’s future prosperity will, in part, depend on how well we can adapt to these challenging circumstances. Trade, as a force for good, offers opportunities for prosperity and economic security. The Australian Government is focused on ensuring our trade agenda addresses these challenges, with four principles to guide our approach. First, we want to broaden and deepen our international trading relationships so Australian businesses have more export destination options. We are on track to complete parliamentary processes in November to implement trade deals with the UK and India, which will come into effect when those countries have completed their own domestic processes. We are leading efforts to create an Indo-Pacific Economic Framework (see page 27), which will facilitate trade and investment flows in the region. We have reinvigorated trade negotiations with the European Union and aim to finalise a free trade agreement by mid next year. In October, I signed the landmark Australia-Singapore Green Economy Agreement (see pages 28-29), and we are developing a South-East Asia Economic Strategy to 2040.
Second, we must defend and reform the multilateral system. Australia, as an open trading nation with a medium-sized economy, derives great benefit from a healthy, multilateral trading system that is underpinned by robust rules. Third, we need to diversify not just who we trade with, but what we trade. Attracting investment is important to bring in capital, capability and resources. We are working to promote investment opportunities in Australia’s critical minerals sector and green technologies to position Australia as a renewable energy superpower. And finally, we believe the benefits of trade must be shared more fairly in the community. Our Trade 2040 Taskforce will be the main consultation forum to progress the Government’s trade policy agenda. It will bring together government, industry, union and community representatives and ensure that traditionally marginalised voices are amplified, including those of First Nations Australians and women.
Australia faces big economic challenges, with high inflation, price rises and falling real wages making life less affordable for many. The international trading environment is also weathering difficult times, and some major economies risk falling into recession.
As Australia faces significant economic and geostrategic
challenges, a strong economy will be an important contributor to our national security. We must continue reaching out to the world, to deepen trade ties and explore new opportunities. Because Australia is economically stronger when global trade flows freely.
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business envoy
Department of Foreign Affairs and Trade
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