Wyatt Roy (Longman, Liberal Party) Share this | Link to this | Hansard source

On indulgence, I congratulate the Minister for Trade and Investment on the work that he did in concluding the Japan-Australia Economic Partnership Agreement. It is the first agreement that Japan has signed with a major economy and it is a significant achievement for our nation.

On behalf of the Joint Standing Committee on Treaties, I present the committee's report entitled Report 141: Treaties tabled on 19 March and 13 May 2014.

Report made a parliamentary paper in accordance with standing order 39(e).

by leave—Today I present the Joint Standing Committee on Treaties' Report 141, containing the committee's views on treaties tabled on 19 March and 13 May 2014.

This year we commemorate the 100th anniversary of the start of the First World War and the 70th anniversary of D-Day, both of which are significant events in our military relationship with the United Kingdom. It seems appropriate, therefore, that this year the committee should find itself supporting the proposed treaty between the government of Australia and the government of the Kingdom of Great Britain and Northern Ireland for defence and security cooperation, a treaty that will support our robust military relationship into the future.

The treaty was negotiated with a common understanding between Australia and the United Kingdom that the current economic environment and emerging global security issues requires the close cooperation of like-minded states.

Both States recognise that the benefits of a strong defence relationship over time are best served through a formal treaty. The proposed treaty will complement the existing agreements and annual ministerial consultations that constitute our defence relationship at present.

Cooperation occurs across a wide range of defence related issues, including science and technology, capability development, logistics, personnel exchanges and security of information.

The proposed treaty creates a greater solidity and touchstone for engagement between Australia and the United Kingdom by providing a legally binding framework through which to develop the relationship.

In summary, the proposed treaty will:

•   provide a single overarching legally-binding agreement;

•   provide strategic direction for our relationship into the future;

•   re-energise the bilateral cooperation between Australia and the United Kingdom on military capabilities and military equipment development;

•   enable interaction on materiel projects of common interest, particularly where military requirements align;

•   provide opportunities for collaborative procurement in the future; and

•   cement our bilateral defence relationship.

The committee has no hesitation in recommending that binding treaty action be taken in relation to this proposed treaty.

Report 141 also contains the committee's views on the Agreement Between the Government of Australia and the Government of the United States of America to Improve International Tax Compliance and Implement FATCA.

This agreement ensures Australian financial institutions are able to avoid paying a United States withholding tax of 30 per cent on their United States sourced profits, while meeting the requirements of the United States Foreign Account Tax Compliance Act at a significantly reduced compliance cost.

The committee previously tabled a short report, Report 140, recommending that binding treaty action be taken in relation to the agreement to ensure that the provisions of the agreement were in place by 1 July 2014.

Report 141 also contains statements relating to nine minor treaty actions.

On behalf of the committee, I commend the report to the House and move:

That the House take note of the report.