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

It is worth noting that the negotiations for this free-trade agreement with China commenced under the government of Prime Minister John Howard and have been completed by the government of Prime Minister Abbott. Between 2007 and 2013 the talks languished pretty sadly, but we have now built on trade deals already concluded with Korea and Japan. ChAFTA forms part of a powerful trifecta of agreements with three of Australia's largest export markets, which account for more than 61 per cent of our exports of goods. In 12 months we have achieved what Labor could not achieve in six years. This trade trifecta is further proof that Australia is absolutely open for business. It is giving us better market access to the world's second-largest economy, it improves our competitive position in a rapidly-growing market, it promotes increased two-way investment and it reduces import costs. It is a win-win for households and businesses alike, and it is a job creation boom. (Time expired)