Australia Hosts Regional FTA Negotiations

Australia is hosting the twelfth round of negotiations towards a major new free trade agreement – the Regional Comprehensive Economic Partnership (RCEP).

RCEP brings together the economic powerhouses in our neighbourhood with China, Japan, Korea, India, New Zealand and the ten Member States of ASEAN. These countries – including the economic giants of the Indo-Pacific region – cover nine of Australia's top 12 trading partners and almost 30 per cent of global GDP.

The potential of RCEP is staggering. RCEP countries currently account for around 60 per cent of our two-way trade, 70 per cent of our exports and 15 per cent of our two-way investment. RCEP will drive Australian jobs and growth as it creates more opportunities for local businesses to provide goods and services to the region's rapidly growing middle classes.

While the Coalition concluded free trade agreements with powerhouse North Asian economies of China, Japan and Korea, we cannot rest on our laurels.

The Turnbull Government continues to pursue an ambitious trade agenda, focused on creating new jobs and opportunities for Australia.

Removing trade barriers remains a key priority for the Coalition in Australia's transitioning economy. Any agreement that expands trade and investment adds to regional prosperity and benefits Australia as new jobs are created.

RCEP will establish a rules-based framework for trade and investment in the region and encourage countries to work collaboratively to promote economic growth and address problems. RCEP will provide increased opportunities for Australian industry to participate in regional supply chains. It will also assist Australian business to access regional technology and capital to boost jobs and innovation in Australia.

I met with chief negotiators in Perth today before they launched into a week of intensive negotiations. Australia will be working hard to achieve a high-quality agreement by the end of this year.