Increasing economic engagement with Latin America

This week I am travelling to Latin America for my first official visit to Colombia and Chile. During the visit I will work to strengthen bilateral trade and investment links with both countries, including exploring the feasibility of a free trade agreement with Colombia.

A free trade agreement with Colombia, Latin America's fourth largest economy, would create significant new opportunities for Australian businesses, particularly in agri-business, infrastructure and health.

In Bogota I will meet Colombian Government Ministers and business leaders to explore how we can increase bilateral trade and investment to ensure the long-term prosperity of our people.

Chile is Australia's third-largest trading partner in Latin America, with the Australia-Chile Free Trade Agreement entering into force in 2009.

In my meetings with Chilean Government Ministers and business leaders I will be encouraging increased Chilean investment in Australia. There are also opportunities for Australian businesses to build on existing Chilean engagement in renewable energy and water management.

Latin America presents major economic opportunities for Australia with increasing investment from the mining equipment, technology and services sectors. The region is also an important market for Australia's education services.

With a population of over 620 million, reform minded governments and a growing middle class, the Latin American region presents real opportunities for Australian businesses seeking to diversify their export markets.

Increasing Australian exports, through trade with the Latin America region, will create Australian jobs and drive economic growth.