Eric Hutchinson (Lyons, Liberal Party) Share this | Link to this | Hansard source

My question is to the Minister for Trade and Investment. Will the minister update the House on the response from industry to the landmark free-trade agreement with China. What are some of the broader benefits for businesses in my electorate of Lyons and around Australia?

Andrew Robb (Goldstein, Liberal Party, Minister for Trade and Investment) Share this | Link to this | Hansard source

I thank the member for Lyons, who everyone knows is a very strong advocate for the businesses in his electorate, which are many and varied. This free-trade agreement that was signed earlier this afternoon is in fact very much a transformative agreement. I can quote several sources already.

There is a very significant former trade minister who is now chairman—amongst other things—of the Australian Livestock Exporters Council, Mr Simon Crean. Mr Crean said about this agreement:

Across the board, Australia is poised to enter a new era of trading relations with China. I particularly welcome the comprehensive nature of the agreement and the tariff free access gained by the red meat sector which is a huge win for producers and exporters.

The Business Council of Australia describes the agreement as 'transformative'.

This historic agreement is a transformative moment for the Australian economy

… … …

The agreement opens an unprecedented level of access for our key sectors into Chinese markets,

The bottom line is that this is such a complementary set of economies. What China wants, we have got. And what we want, China has got. This agreement allows both our countries to play to our strengths and to make the most of our strengths. This agreement allows us to build on the resources and energy market and the agricultural relationship that we have with China. It allows us to, in many ways, build on the educational services. China is our biggest education market with 140,000 Chinese students here right now. It allows us to build on our health services.

This agreement is very much not just focused on goods but for us it does put a focus on our services. We are an economy in which 75 per cent of our GDP is made up of services yet 15 per cent of our exports directly result from services. We have got so much to offer a country like China that is desperate for services. That is where the jobs are. Even a seat like Lyons is going to benefit from all the things the Prime Minister talked about in beef, seafood, honey and you name it in the agricultural area, as well as from services such as even things like pilot training and financial services. A lot of small business will be able to set up and get a presence in this huge market of 1.36 billion people. This is a landmark agreement and one that is going to stand Australia in good stead.

Tony Abbott (Warringah, Liberal Party, Prime Minister) Share this | Link to this | Hansard source

Madam Speaker, on indulgence—Australians yet unborn owe a debt of gratitude to this minister for this agreement. I think he deserves a round of applause.

Honourable members: Hear, hear!

Mrs Bronwyn Bishop (Speaker) Share this | Link to this | Hansard source

That was an unusual intervention and is not to be taken as a precedent.