“More trade, not less, is a key part of how we build the secure and stable economic future we want.
“Which is why we’ve worked so hard in the last year to advance our trade agenda, and to do everything in our power to bolster and support stable trade and investment flows.”
While the government has stabilised the bilateral relationship with China and some of Beijing’s trade sanctions against Australian goods being eased, Senator Farrell will say the focus remains on diversifying trading relationships.
“We’ve learnt valuable lessons over the last few years, and I encourage all Australian businesses to continue with their diversification plans – and take advantage of new and emerging markets,” he will say.
“We are a trusted partner. We are safe and reliable. We keep our promises, and play by the rules.
“We will continue to be the government of free, fair and open trade. Where the rules of the game are known and respected.”
The government hopes to finalise the EU FTA by the end of the year. While many of the chapters have been finalised, Australia’s resistance to demands from Europe over outlawing the use of names like prosecco and feta because they are geographical indicators remains a significant barrier. Australian wine and cheese producers have been urging the Albanese government to stick firm.
Europe also wants Australia to drop its luxury car tax. Australia’s major demand remains maximising the market access quotas for agricultural products.
As Senator Farrell prepares to head to Europe, the free trade agreement with the United Kingdom came into force on Wednesday. The agreement means 99 per cent of Australian exports enter the UK duty free. Tariffs on agricultural products including beef and sheep meat, sugar and dairy will be gradually eliminated.
Tariffs on 98 per cent of UK imports have been eliminated.
The new deal also shakes up visa arrangements. UK working holidaymakers will no longer have to do farmwork to extend their stay in Australia. From January 31 next year, Australian holidaymakers will be able to apply for work visa up to the age of 35, instead of 30, and stay for up to three years.
