Pacific Alliance High Level Dialogue

Thisweek I will visit Chile to attend the PacificAlliance High Level Dialogue and explore options to deepen our trade andinvestment relationship with Latin America.

The Dialogue will bringtogether Pacific Alliance countries (Chile, Colombia, Mexicoand Peru) and Trans-PacificPartnership (TPP) Agreement countries, as wellas China and South Korea. A focusof the Dialogue will be our shared interest in open markets andeconomic integration in the Asia-Pacific.

I am looking forward to productivediscussions with my TPP counterparts on ways to capture the benefits of the TPPfollowing the United States' decision to withdraw fromthe Agreement.

Australia is a strong supporter ofthe Pacific Alliance. Its efforts to promote trade liberalisation and combatprotectionism align closely with the Turnbull Government's plan to createjobs and economic growth through trade.

At the Dialogue I will discussopportunities for bilateral and multilateral initiatives with PacificAlliance countries to strengthen economic linkages betweenAustralia and Latin America. The Pacific Alliance accounts for 42 per centof Latin American GDP on a purchasing power parity basis.

Latin America presents major economicopportunities for Australia, particularly in mining and energy, agriculture,education and professional services. With a population of more than 620million, reform-minded governments and a growing middle class, this regionpresents real potential for Australian businesses seeking todiversify their export markets.

While in Chile, I will meet withAustralian and Chilean business representatives to promote two-way investmentin infrastructure. Almost 200 Australian companies operate inChile, Australia's third-largest trading partner in Latin America, and abilateral FTA partner since 2009.