Commonwealth, State and Territory Trade and Investment Ministers met in Perth on 11 April 2024 for the third meeting of the Ministerial Council on Trade and Investment. The full text from the meeting may be read at: ‘Communique – Third Meeting of the Ministerial Council on Trade and Investment.’ The following excerpts highlight a few important topics.
Support for the WTO
Ministers reinforced the importance of an open rules-based global trading system centred by the World Trade Organization (WTO). Ministers supported outcomes of the 13th WTO Ministerial Conference in February 2024. They emphasised the importance of ongoing efforts to reform and strengthen the WTO.
Welcoming China’s Lifting of Trade Barriers
Ministers welcomed recent lifting of duties on Australian wine exports to China, as well as the range of other products that were subject to around $20 billion worth of trade impediments. Ministers acknowledged that these developments will open the door for Australian wine producers and traders to return to the market, and recognised the ongoing work to remove trade impediments affecting Australian live lobsters and meat processing facilities.
Commending the AUKFTA
Ministers commended the positive impact of the Australia-United Kingdom Free Trade Agreement since it entered into force on 31 May 2023, and welcomed the progress made by Australia and the UK in implementing the Agreement’s provisions.
Affirming Progress for Trade with UAE, India and EU
Ministers affirmed their support to continue progressing negotiations for an Australia-United Arab Emirates Comprehensive Economic Partnership Agreement; the Australia-India Comprehensive Economic Cooperation Agreement; and the Australia-European Union Free Trade Agreement.
Australia to Chair the CPTPP in 2025
Ministers noted Australia will chair the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in 2025. Ministers support the progress made by the Commonwealth in the ongoing implementation of the CPTPP, as well as the accession of the United Kingdom to the Agreement. Ministers welcomed continued efforts in the Asia-Pacific Economic Cooperation forum to promote open markets for trade and investment in the region and support for the WTO.
Discussion on the Southeast Asia Strategy
Ministers welcomed the ongoing roll out of initiatives flowing from Invested: Australia’s Southeast Asia Economic Strategy to 2040 especially those announced at the ASEAN-Australia Special Summit in March 2024. The Council discussed cooperation on enhancing literacy on Southeast Asia in Australian business, government, the education and training system, and the community.
Read our recent related articles: China Lifts Tariffs on Our Wine and Queensland’s Trade Opportunities with India.
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