Turn free-trade talk into action, PM
Anthony Albanese took a “trade diversification” policy to the last election, saying Labor was the “party of free, fair and open trade”.
Now he is in government, he needs to stop talking and act.
Labor need to fast-track implementation of the India and UK free trade agreements to create new jobs and opportunities for Australians and help address the workforce shortages in this country. The Australia-India Economic Co-operation and Trade Agreement will see both countries benefit from access to a large pool of human talent.
India is a young and well-educated country. One million Indians turn 18 every month. This is an incredible resource for Australian businesses crying out for skilled workers.
In April, a week before the election was called, I had the great honour of signing AI ECTA on behalf of Australia, with my good friend, India’s Minister for Commerce and Industry Piyush Goyal. It’s signed and ready to go. The only holdup is the new Labor government dragging its feet.
AI ECTA will draw our two countries closer together, liberalise trade and people movement, and strengthen our already strong relationship. At the recently held Australia-India Leadership Dialogue in New Delhi no one could understand why Australia was not implementing the agreement. India has, and there is bipartisan support in the Australian parliament to do the same.
Through AI ECTA, both countries will facilitate the recognition of professional qualifications, licensing and registration procedures between professional services bodies in both countries. Australian services supplies in 31 sectors and subsectors will be guaranteed to receive the best treatment accorded by India to any future FTA partner.
Before the India free trade deal was signed, the Labor Party in opposition tried to gain mileage out of what it called a lack of progress on growing our trade relationship with India. This was despite our work together through the Quad and our government’s more than $280m additional investment in the India relationship through our update to the India Economic Strategy to 2035.
Now Labor is in power, and a free trade deal that will eliminate tariffs on 85 per cent of Australian goods exports to India – valued at more than $12.6bn a year – is gathering dust. Every day that goes by costs our exporters millions of dollars. It is the same for the UK FTA – signed but gathering dust.
Recently, new Trade and Tourism Minister Don Farrell met Goyal and confirmed the Australian government’s intention to work efficiently to fully implement AI ECTA. More words, not backed up by action. The sooner the Labor government fully implements AI ECTA, the sooner Australians can begin to seize the opportunities created by this agreement. And the more likely Australia will reach our goal to lift India into our top three export markets by 2035, and to make India the third largest destination in Asia for outward Australian investment.
A fully implemented AI ECTA will give this new government the launch pad to take the Australia-India relationship to new heights. India and Australia share common values, history and a desire to live in a peaceful, secure Indo-Pacific. We are natural allies and our relationship continues to grow stronger. This agreement will turbocharge our close, longstanding and highly complementary economic relationship in areas such as critical minerals, professional services, education and tourism.
The Prime Minister is standing in front of an open goal, he just needs to kick the ball across the line to score.
If he implements AI ECTA, the Albanese Labor government will help our exporters improve their access to the fastest growing large economy in the world. If he implements the UK FTA, which is also signed and waiting implementation, he will save exporters millions in reduced tariffs.
Dan Tehan is opposition immigration and citizenship spokesman.
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