Communique – Fourth Meeting of the Ministerial Council on Trade and Investment
Joint statement
Commonwealth, State and Territory Trade and Investment Ministers met on the lands of the Kaurna people at Festival Tower in Adelaide, South Australia on 11 December 2024 for the fourth meeting of the Ministerial Council on Trade and Investment (the Council).
Ministers reaffirmed their ongoing support for trade and investment diversification, given its critical contribution to our economy and Australia's prosperity through higher productivity, more economic growth, a stronger labour market, and lower prices for consumers. This aligns with work underway across the Commonwealth and States and Territories to maximise economic opportunities from the net zero transformation and secure Australia's place in a rapidly changing global environment.
Ministers discussed the opportunities and challenges in the changing international geostrategic landscape, driven by national security, industrial policy, and uplift on climate and net zero goal and Australia's role in promoting and upholding open, rules-based trade, including by strengthening and reforming the WTO. The Council noted the work that Australia has done in driving the successful negotiation of the first set of global e-commerce rules alongside Japan and Singapore.
Ministers recognised Australia's efforts at the recent APEC Economic Leaders' Week to promote further regional economic cooperation, digital trade, free and open trade in the Asia‑Pacific and Australia's ambition to become a renewable energy superpower.
Ministers recognised the longstanding bipartisan support for the Alliance in both Australia and the United States. Australia and the United States have a strong trade and investment relationship underscored by the Australia-US Free Trade Agreement.
Ministers welcomed the signing of the Australia-United Arab Emirates Comprehensive Economic Partnership Agreement (CEPA) package in November 2024, Australia's first trade agreement in the Middle East region. When fully implemented, it will eliminate tariffs on over 99 per cent of Australia's exports to the UAE. CEPA is Australia's first ever Free Trade Agreement (FTA) to include a chapter on First Nations trade. Ministers look forward to working together to utilise the CEPA package to attract investment in priority Australian projects.
Ministers affirmed their support for the new Roadmap for Australia's Economic Engagement with India and looked forward to its release. The Roadmap will take stock of Australia and India's economic partnership and will focus and accelerate our efforts for the next phase of the economic relationship with India. Ministers endorsed Australia's commitment to progressing an ambitious Comprehensive Economic Cooperation Agreement with India, building on the success of the existing Economic Cooperation and Trade Agreement.
Ministers welcomed the increased flow of exports to China as the relationship continues to stabilise, including the removal of around $20 billion worth of trade impediments. Ministers welcomed China lifting the remaining suspensions on two Australian red meat establishments. Ministers welcomed the agreement for the resumption of Australian live rock lobster exports to China by the end of the year which would benefit the Australian lobster industry and Chinese consumers.
Ministers welcomed Australia assuming the chairing of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership on 1 January 2025, emphasising the value of working with States and Territories to advance this significant regional trade agreement and to reflect the important contribution States and Territories make to Australia's trade and investment.
Ministers looked forward to entry into force of the ASEAN-Australia-New Zealand FTA (AANZFTA) Upgrade which adds new rules and market access to boost Australian businesses, particularly in trade in services and investment, and maintains AANZFTA as ASEAN's highest quality FTA.
Ministers affirmed their continued support for ongoing negotiations towards an Australia-EU Free Trade Agreement that benefits both Australia and the EU, including commercially meaningful market access for Australian agriculture.
Ministers recognised that as the world transitioned to net-zero the need for critical minerals would continue to grow. To support an orderly transition, it is essential diversified, transparent, resilient, and globally competitive critical minerals supply chains are developed. The Council acknowledged the breadth of work already underway in support of this objective, including efforts to provide financial assistance to Australian critical minerals projects, increased engagement with international partners on challenges facing global critical minerals trade, and additional support which would become available through the Federal Government's Future Made in Australia agenda.
Ministers look forward to participating in World Expo 2025 Osaka, including through targeted Commonwealth and state and territory events, designed to deepen Australia's strategic, economic, and sociocultural connections with Japan and the region.
Ministers recognised the strong progress on implementing Invested: Australia's Southeast Asia Economic Strategy to 2040 (the Moore report), as highlighted in the Advancing Implementation publication launched by the Prime Minister on 11 October 2024 and agreed to jointly progress initiatives to enhance business literacy on Southeast Asia, in line with Recommendation 1. Ministers also welcomed the launch of the ASEAN-Australia Centre to strengthen Southeast Asia ties.
Ministers welcomed the ongoing focus on First Nations empowerment and economic self-determination, and the collaborative spirit and coordinated approach to work together to improve trade and investment outcomes for First Nations Australians; and as the basis from which to undertake deeper engagement with the First Nations business sector.
Ministers underscored the announcement of a new award category in the Australian Export Awards, starting in 2025, to celebrate the outstanding international success of our First Nations businesses. The First Nations Exporter Award will recognise the growing number of First Nations exporters and their economic, social and cultural impact and will encourage more First Nations businesses to export their goods and services to the world.
Ministers also agreed on other coordinated national trade and investment initiatives including:
support for the 2025 World Indigenous Business Forum to be held in Victoria;
Team Australia events that align with shared priorities and represent a mix of trade and investment promotion activities and updated principles to reflect the operational management of the events;
continued progress on a data project to fill priority trade and investment data gaps for completion in FY 2024-25, that will support a robust and comprehensive evidence base across jurisdictions to inform decisions on trade and investment; and
consistent environmental, social and governance (ESG) national messaging to support investment attraction.
Ministers looked forward to meeting in 2025 to review priorities for the year and progress on Council's workplan and initiatives to support Australia's prosperity, economic security and resilience underpinned by an inclusive economic growth agenda and trade diversification opportunities for Australian business and the broader community
Ministerial attendees:
Australian Government (Chair) Senator the Hon Don Farrell, Minister for Trade and Tourism and Special Minister of State
South Australia (Co-host): the Hon Joe Szakacs MP, Minister for Trade and Investment; Minister for Local Government; and Minister for Veterans Affairs
Australian Capital Territory: Mr Andrew Barr MLA, Chief Minister; Minister for Economic Development; and Minister for Tourism and Trade
New South Wales: the Hon Anoulack Chanthivong, Minister for Industry and Trade; Minister for Better Regulation and Fair Trading; Minister for Innovation, Science and Technology; Minister for Building; and Minister for Corrections
Victoria: Mr Tim Pallas MP, Treasurer, Minister for Industrial Relations; and Minister for Economic Growth
Western Australia: the Hon Stephen Dawson MLC; Minister for Emergency Services; Innovation and the Digital Economy; Science; Medical Research; Minister assisting the Minister for State and Industry Development, Jobs and Trade
Tasmania: Mr Simon Behrakis MP, Parliamentary Secretary to the Premier, Parliamentary Secretary for Housing and Planning on behalf of the Hon Jeremy Rockliff MP, Premier; Minister for Trade and Major Investment; Minister for Tourism
Northern Territory: Ms Kelly Ralston, Deputy Chief Executive Officer, Department of Trade, Business and Asian Relations on behalf of the Hon Robyn Cahill OAM, Minister for Trade, Business and Asian Relations; Minister for International Education, Migration and Population; Minister for Workforce Development; Minister for Advanced Manufacturing; Minister for Children and Families; Minister for Child Protection; Minister for Prevention of Domestic Violence
Queensland: Mr Justin McGowan, Chief Executive Officer, Trade and Investment Queensland, representing the Queensland Government on behalf of the Hon Rosslyn Bates MP, Minister for Finance, Trade, Employment and Training
