Speak up on free trade, says Julie Bishop

Former foreign minister Julie Bishop has urged Australia to become a louder voice on the virtues of free trade.

Former Foreign Affairs minister spoke at an investment function for Crestone Wealth Management in Perth on Friday. Picture: Jane Dempster/The Australian

Former foreign minister Julie Bishop has urged Australia to become a louder voice on the virtues of free trade, issuing a call for the nation to revisit the defunct Trans-Pacific Partnership.

Speaking at an investment function for Crestone Wealth Management in Perth on Friday, she also advocated for a restrengthening of the World Trade Organisation as part of a broad set of measures to avoid a worsening of the trade war between US and China.

She said Australia found itself in an awkward position, with China, Australia’s single biggest trading partner, in a trade conflict with Australia’s single biggest investor and main defensive ally, the US.

“From Australia’s point of view, we have to be a much louder voice on calling on like-minded countries to continue to commit to … the rules-based order that has enabled us to have essentially 28 consecutive years of uninterrupted economic growth,” Ms Bishop said.

History showed that trade wars and tariffs led to recessions, and the world was staring at a repeat if China and the US could not resolve their differences.