Australia benefiting from free trade agreements

Australian exporters are benefiting from free trade agreements with key trading partners and most intend to expand into new markets, according to a report released today.

Australia's International Business Survey 2016 (AIBS 2016) Highlights Report shows 67 per cent of exporters believe the outlook for their business is better compared to 2015, following the successful completion of free trade agreements (FTAs) with China, Japan and Korea.

The report found 78 per cent of exporters were planning business in additional overseas markets over the next two years, with the top new target locations being China, the United States, India, the United Kingdom and Indonesia.

This report highlights that Australian businesses are responding to the preferential market access the Coalition has delivered in key export markets by ramping up their ambition to export. Increased exports are good news for all Australians because it means better economic growth and more job opportunities for Australians.

The Turnbull Government is pursuing an ambitious trade agenda to create more opportunities for Australian businesses to grow their exports, ultimately creating more Australian jobs.

We are building momentum for concluding a free trade agreement with Indonesia, working towards launching free trade agreement negotiations with the European Union and will seek to open negotiations with the United Kingdom at the right time. We are also continuing to pursue trade agreements with India, the Regional Comprehensive Economic Partnership countries, and the members of the Gulf Cooperation Council, as well as the Pacific Island countries through the PACER Plus agreement.

AIBS is one of Australia's largest and most in-depth surveys of internationally active businesses and is undertaken by the University of Sydney with support from Austrade, Efic and the Export Council of Australia.

The AIBS 2016 Highlights Report is available at: www.austrade.gov.au/aibs2016