Australia ratifies trade deals with Indonesia, Hong Kong and Peru
Australia has today ratified its free trade agreements with Indonesia, Hong Kong and Peru, a move that will give our farmers access to more markets, greater opportunities for our businesses, create more jobs and increased investment.
Trade Minister Simon Birmingham said these agreements would enhance export opportunities and deliver significant benefits for Australian exporters.
“This trade trifecta will deliver more opportunities and greater access to more markets for Australian farmers and businesses,” Minister Birmingham said.
“These high-quality and comprehensive agreements will open new doors and deliver wide-ranging benefits in industries including agriculture, manufacturing, mining, education, and tourism.
“Our grain growers will now be able to export 500 000 tonnes of feed grains each year into Indonesia tariff free, whilst Australian dairy farmers will have historic new access to the Peru market, with zero tariffs locked-in from day one on 7,000 tonnes of products.
"Under our deal with Hong Kong zero tariffs will be locked-in on goods, market access will be guaranteed for services suppliers, and conditions for two-way investment will be significantly improved.
“Expanding opportunities for Australian exporters is a key pillar of our economic plan and builds upon successes that have already fuelled Australia to record levels of exports and a record trade surplus.
“Our Government's record speaks for itself and only we can be trusted to deliver agreements that open new markets for Australian exporters, create certainty for Australian businesses, strengthen our economy and create more jobs.
Assistant Minister for Trade and Investment Mark Coulton said the Government’s delivery of these agreements is a real win for regional Australia.
“This will help generate significant new export opportunities for farmers and regional businesses in what are very trying times for many rural communities.
“I will continue to work closely with our exporters, particularly in regional areas, to ensure they are aware of these opportunities and can maximise the commercial outcomes from these important market access gains,” said Minister Coulton.
Hong Kong and Peru have already completed ratification processes and we remain hopeful that Indonesia will complete their ratification processes early next year.
The trade agreements with Hong Kong and Peru will enter into force on 17 January and 11 February 2020 respectively. The trade agreement with Indonesia will come into force 60 days after Indonesia formally advises Australia it has ratified the agreement.
Further information on the benefits of these trade agreements can be found here.