Ian Goodenough (Moore, Liberal Party) Share this | Hansard source

I am very pleased to support this motion recognising the importance of free trade, moved by my colleague the member for Bass. There is an old Dutch saying that an ounce of trade is worth a pound of work. This is a very apt saying, considering the history of trade in our region. The Dutch East India Company and its rival trading house the British East India Company were both established by charter in the early 1600s, by monarchs in their respective countries. The firms became formidable forces in the commodity and spice trade in the South-East Asian region, generating immense wealth for their nations. In fact, some of the earliest Europeans to land on the Australian continent were Dutch traders, such as Dirk Hartog, who navigated off course from their destination, of the Indonesian archipelago, with its markets and supply chains. Merchant trade is what led my family to settle in the then British colony of Singapore in the 1800s, with my great-great-grandfather Robert Goodenough and great-grandfather Arthur Hessman Goodenough being involved in the merchant shipping trade.

In the 21st century, international trade has undergone a renaissance, a renewal, with fresh opportunities for economic development between established and emerging economies across the globe. In 2013-14 the value of Australian exports accounted for $331 billion, whilst imports amounted to $338.6 billion. The emergence of free trade agreements, which are essentially international treaties that remove barriers to trade such as tariffs and quota restrictions, serves to facilitate stronger trade and commercial ties, contributing to increased economic integration between participating countries.

Australia currently has free trade agreements in force with New Zealand, Singapore, Thailand, the United States of America, Chile, the Association of Southeast Asian Nations (ASEAN), Malaysia, South Korea and Japan. The countries covered by these free trade agreements account for 42 per cent of Australia's total trade. Australia recently concluded free trade negotiations with China, in November 2014. China accounts for 23 per cent of Australia's total trade. May I take this opportunity to congratulate the Minister for Trade and Investment, the Hon. Andrew Robb, and his staff on successfully concluding negotiations for three major, complex free trade agreements within 18 months of taking office. This is testament to the minister's well-developed commercial acumen and negotiating skills. Australia is currently engaged in six other free trade negotiations—two bilateral FTA negotiations, with India and Indonesia, and four multilateral negotiations: the Trans-Pacific Partnership Agreement, the Gulf Cooperation Council, the Pacific Trade and Economic Agreement and the Regional Comprehensive Economic Partnership Agreement. The additional countries covered by these negotiations currently account for a further six per cent of Australia's total trade.

Free trade agreements create opportunities for Australian exporters and investors to expand their businesses into key overseas markets. For instance, in my electorate of Moore, which borders established agricultural areas and coastal fisheries, the recent free trade agreements have benefited intensive horticultural producers who export quality fruit and vegetables such as carrots, broccoli and tomatoes, as well as exporters of western rock lobsters and premium beef cattle, through tariff reductions, putting local producers on a level playing field with competitors from countries such as New Zealand. Access to global markets helps maintain and stimulate the competitiveness of Australian firms, by increasing domestic productivity and contributing to higher GDP growth by allowing Australian businesses access to cheaper inputs, introducing new technologies, fostering competition and innovation. This directly benefits Australian consumers through access to an increased range of goods and services at more competitive prices. Free trade agreements also address barriers which impede the flow of goods and services between nations, encourage investment and enhance international competition. (Time expired)

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