Helen Polley (Tasmania, Australian Labor Party) Share this | Link to this | Hansard source

My question is to the Minister for Trade and Tourism, Senator Farrell. Could the minister provide an update on the Albanese Labor government's progress on diversifying Australia's export markets?

Don Farrell (SA, Australian Labor Party, Minister for Trade and Tourism) Share this | Link to this | Hansard source

I thank Senator Polley for her deep and abiding interest in this issue, which is of particular interest to her home state of Tasmania. After a decade of the Liberal government, Australia is more dependent than ever on a single market for our exports. Placing all your trade eggs in one basket has proven to be bad economic strategy. The COVID-19 global pandemic, supply chain volatility—which has been exacerbated by Russia's illegal invasion of Ukraine—and Chinese trade blockages have exposed the growing risk for Australian exporters, jobs and prosperity. To address these challenges, the Albanese Labor government is implementing a trade diversification plan that will provide opportunities for Australian businesses to gain new market access into major markets and facilitate inward investment to help build the infrastructure for the green economy.

The Liberal government dropped the ball by failing to conclude parliamentary processes to enable entry into force of the Australia-UK free trade agreement and the Australia-India Economic Cooperation and Trade Agreement. Unlike the previous government, the Albanese Labor government—

Sue Lines (President) Share this | Link to this | Hansard source

Minister, resume your seat.

Opposition senators interjecting—

Order! Senator Bilyk.

Catryna Bilyk (Tasmania, Australian Labor Party) Share this | Link to this | Hansard source

President, I'm having quite a lot of trouble hearing. For a side of parliament with no policies, I think they should listen.

The:

Thank you, Senator Bilyk, it's not an opportunity to make comments.

Catryna Bilyk (Tasmania, Australian Labor Party) Share this | Link to this | Hansard source

I seriously cannot hear.

Sue Lines (President) Share this | Link to this | Hansard source

Order! Minister, please continue. I would ask senators to listen quietly.

Don Farrell (SA, Australian Labor Party, Minister for Trade and Tourism) Share this | Link to this | Hansard source

Thank you, President. Unlike the previous government, the Albanese Labor government is working hard to conclude all treaty and legislative processes to enable implementation of the UK and India trade agreements this year.

Simon Birmingham (SA, Liberal Party, Shadow Minister for Foreign Affairs) Share this | Link to this | Hansard source

This year?

Don Farrell (SA, Australian Labor Party, Minister for Trade and Tourism) Share this | Link to this | Hansard source

Yes, this year. Given the importance of implementing these trade deals as soon as possible, we expect support from the opposition benches in both chambers for the expeditious passage of the relevant legislation.

Sue Lines (President) Share this | Link to this | Hansard source

Senator Polley, a first supplementary?

Helen Polley (Tasmania, Australian Labor Party) Share this | Link to this | Hansard source

Could the minister provide an update on the progress of the trade negotiations with European Union?

Don Farrell (SA, Australian Labor Party, Minister for Trade and Tourism) Share this | Link to this | Hansard source

Once again, I thank Senator Polley for her question. Despite many years of negotiations, the Liberal government failed to land a trade deal with the European Union. In fact, negotiations stalled as a result of the Morrison government's disrespectful treatment of a close ally. I'm happy to report that negotiations are now back on track.

Last week I met with the French trade minister and it was a very positive discussion. In the meeting, we reiterated our support for concluding the Australia-European trade agreement negotiations, preferably by early next year. We acknowledge that an ambitious and comprehensive trade deal would provide an opportunity to boost two-way trade and investment to further strengthen our bilateral relationships.

On the same day, I also met with members of the European parliament's Committee on International Trade. It is clear the Albanese government's strong commitment to address climate change— (Time expired)

Sue Lines (President) Share this | Link to this | Hansard source

Senator Polley on a second supplementary?

Helen Polley (Tasmania, Australian Labor Party) Share this | Link to this | Hansard source

The minister recently participated in trade negotiations to launch the Indo-Pacific Economic Framework. What is the framework and how will participation benefit Australia?

Don Farrell (SA, Australian Labor Party, Minister for Trade and Tourism) Share this | Link to this | Hansard source

Once again, I thank Senator Polley. Earlier this month I did join ministers from 13 other partners across the Indo-Pacific in Los Angeles to launch negotiations for the Indo-Pacific Economic Framework. Together, IPEF members represent over 40 per cent of global GDP and, for Australia, eight of our top 10 trading partners. At the meeting it was agreed that negotiations would cover a range of new and emerging issues on trade, supply chains, clean energy, decarbonisation, infrastructure, as well as tax and anticorruption. Launching IPEF negotiations is a significant step in the future of greater economic cooperation in the Indo-Pacific region. It brings together the United States; north and south Asian partners, including India; and most importantly, our Pacific neighbour, Fiji. IPEF is an important element of the Albanese Labor government's trade diversification agenda.