Federal, state and territory trade ministers to meet in Townsville

Millions upon billions of dollars are being invested in the energy sector in NQ. See why the country’s trade and investment ministers will meet face-to-face in Townsville on Wednesday.

North Queensland is set to host a nation-wide discussion on developing a collaborative tone for trade and investment issues as Townsville cements itself as a renewable generation and storage powerhouse.

The Federal Trade Minister, Don Farrell, will chair the meeting of the Ministerial Council on Trade and Investment aimed at setting a collaborative tone for trade, investment and economic issues at all levels of government.

Ministers from state, federal and territories will be in Townsville for the discussions.

Mr Farrell is also expected to provide an update on China relations and updates on Indo-Pacific, Indian, UK and European free trade agreements.

“We have a full agenda, and I look forward to discussing my colleagues’ trade and investment priorities,” Mr Farrell said.

“Businesses in Townsville like Sun Metals reinforce why Australia is the best place in the world to do business.”

The Minister for Foreign Affairs, Senator the Hon Penny Wong, and Minister for Trade and Tourism, Don Farrell, Foreign Minister Penny Wong announced on Tuesday that China and Australia had reached a partial breakthrough in their longrunning trade dispute over Chinese sanctions on Australian products worth an estimated $20bn a year. Picture: NCA NewsWire / Naomi Jellicoe

Sun Metals has established a green industrial precinct at Stuart.

Investment and trade in the green economy will be a focus of the council meeting, with Townsville picked because of the continued investment in the city’s role in the renewable energy future.

Recent energy announcements for the region include the $5bn fully state government owned CopperString power grid expansion into western Queensland. The 1100km project would run from Mount Isa to Townsville, and open up mining activities in the state’s north west.

There has also been progress for an ore refinery which would make materials for batteries with Queensland Pacific Metals recently securing its gas supply with a conditional purchase agreement.

Further, Vecco Group is expected to start production later in 2023 at Australia’s first commercial-scale vanadium battery plant, in Townsville. That project would produce electrolyte, for vanadium flow (rechargeable) batteries.

A site for a $75m critical minerals plant was also secured in January, at Cleveland Bay.

Queensland Treasurer, Trade and Investment Minister Cameron Dick said the city was the economic powerhouse of North Queensland and was at the forefront of the country’s renewable energy and critical minerals boom.

“There is no better place to host the first Ministerial Council on Trade and Investment in three years than Townsville,” he said.

The meeting is scheduled at The Ville in Townsville, beginning 8.30am Wednesday.

Originally published as Federal, state and territory trade ministers to meet in Townsville