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 outline the government's approach to trade policy?

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

Yes, I can, Senator Polley. And thank you for the wonderful job you do on behalf of the people of Tasmania. I know you know all the benefits that come to Tasmania from free trade. Open trade is a net positive for Australia. Recent analysis showed that one in four jobs is related to trade in this country—and many of them are in Tasmania, I might add. Jobs in export industries pay five per cent above the national average income.

As outlined in my speech on 14 November to the APEC Study Centre in Melbourne, there are four principles guiding Australia's approach to international trade and investment under the government. The first principle is that to meet the challenges of our time we need to deepen and diversify our trading relationships. Placing all your trade eggs in the one basket has proved bad economic strategy. Secondly, Australia is working collaboratively with like-minded partners to support an open, rules based, multitrading system that works in Australia's interests. Thirdly, we're investing in ourselves, using industry policy to ensure Australia's exports are more complex, of higher value and more sophisticated. And, finally, the fourth principle is that trade must be a driver of inclusive economic growth and greater economic wellbeing for all Australians. More trade, not less is a key part of how we build the economic future that we want in Australia, a future of secure, high-paying jobs. (Time expired)

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

Senator Polley, first supplementary?

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

Thank you for that informative answer, Minister. How will the new free trade agreement support the government's trade policy agenda?

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

Thank you, Senator, for that question, and thank you, President, for the opportunity to answer a terrific question.

A key plank of our trade policy agenda is trade diversification. This means helping Australian businesses grow and develop new markets for their exports and find new and deeper sources of investment. Today, our government is delivering this commitment by debating legislation in the House of Representatives which will bring the Australia-UK Free Trade Agreement and the Australia-India Comprehensive Economic Cooperation and Trade Agreement into force. The India free trade agreement will eliminate tariffs on 90 per cent of Australia's exports to India.

An opposition senator: You're welcome!

Well, you didn't do it! You had a chance to do it and you didn't do it. But we're doing the job. The Australia-UK Free Trade Agreement will eliminate— (Time expired)

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

Senator Polley, 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 support Australia's trade policy agenda?

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

Thank you, Senator Polley. Recently, in Los Angeles, I joined ministers from 13 other partners across the Indo-Pacific to launch negotiations on the Indo-Pacific Economic Framework—or IPEF, as it's known. IPEF members include eight of our top 10 trading partners and key regional allies, like the United States, Japan, Korea, India, Indonesia and, of course, our Pacific neighbour Fiji. The framework will cover new and emerging trade issues, including supply chains, clean energy, infrastructure, tax and anticorruption. IPEF is an important part of the Albanese Labor government's trade policy agenda that will help businesses expand and support high-paying jobs.

Penny Wong (SA, Australian Labor Party, Minister for Foreign Affairs) Share this | Link to this | Hansard source

I ask that further questions be placed on notice.

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

Senator Birmingham, I was a bit incomplete before. I'll review that earlier question and, if necessary, come back to the chamber.