Marise Payne (NSW, Liberal Party, Minister for Human Services) Share this | Hansard source

I thank Senator McGrath for that question. It is absolutely essential that the ChAFTA is implemented as soon as possible. It is one of our trifecta of trade agreements that are with the major economies of North Asia. These agreements are very, very powerful enablers for Australia and they are part of this government's help to diversify our economy, as I have said before. In fact, just like our trade deals with Japan and Korea, which are already in operation, the benefits to Australian businesses and the people they employ will flow immediately. ChAFTA, if we implement it this year, will result in a double-bonus effect of tariff cuts for our exporters—one round of tariff cuts this year and a second round of tariff cuts in January 2016. This would result in literally hundreds of millions of dollars in tariff or tax relief for our exporters. In fact, upon full implementation, some 95 per cent of Australia's goods exports to China will enter China duty free. That is why it is essential that those opposite support this deal and allow the benefits to flow immediately.

If they are not prepared to listen to it from me, they might note that the agreement has been backed by Labor figures—by John Brumby, Craig Emerson and the luminary Bruce Hawker. If they are not good enough for them—and I do not often quote Labor Premiers—I will quote Daniel Andrews, the Premier of Victoria, who said:

It is very exciting to see the free trade agreement that, for the first time takes a really bold step in terms of services. Being able to have much greater access and a much bigger profile and presence in China for services offered, or at least led by Victorian companies and consortia right out of Melbourne.

That was a quote from Mr Daniel Andrews on 13 January this year. He would be the Labor Premier of Victoria, as I understand it. The Labor Premier of South Australia said:

China is our largest trading partner. China also is our fastest-growing trading partner. This free trade agreement will give us the impetus to grow that trade opportunity even further.