The Ministerial Council on Trade and Investment has met for the first time, with state, territory and federal representatives backing the promotion of opportunities created by multilateral, regional and bilateral trade agreements.
Opportunities created by deals with Australia’s Indo-Pacific partners were called out, including the negotiation progress on the Indo-Pacific Economic Framework and the Australia-India Comprehensive Economic Cooperation Agreement.
Australia’s trade and tourism minister, Don Farrell, chaired the in-person gathering in Townsville, Queensland, where ministers discussed how to better coordinate international and national trade priorities.
Senior public servants from NSW, Tasmania and WA also attended the council meeting on behalf of their ministers including NSW Department of Enterprise, Investment and Trade deputy secretary Kylie Bell, Tasmanian Department of State Growth secretary Kim Evans and WA Department of Jobs, Tourism, Science and Innovation deputy director general Simone Spencer.
Among the ministerial attendees were Andrew Barr (ACT), Nicole Manison (NT), Cameron Dick (Queensland), Nick Champion (SA) and Tim Pallas (Victoria).
In a communique published on Wednesday, the council acknowledged the critical role of trade and investment in the transition to a clean economy domestically. Trade policy was also key to supporting new skills and capabilities in Australia, the council said.
“Ministers reaffirmed Australia’s commitment to the free movement of goods, services, and investment,” it said.
“Ministers [also] recognised the importance of continuing efforts to diversify trade and investment opportunities to deliver a more productive and secure economy.”
The group also welcomed the Australia-United Kingdom Free Trade Agreement coming into force in March, as well as a commitment for trade agreement negotiations between Australia and the European Union to conclude sometime in 2023.
“Ministers acknowledged our strength lies in our diversity. Australia is multicultural and welcoming, with a highly educated and creative workforce.
“International investors, companies and talent are drawn to our reputation for quality and innovation across multiple industries, including research and education, agriculture and food, health, renewable energy and technology,” the communique said.
Cost-of-living pressures impacting all Australians were also discussed at the meeting, with ministers agreeing to unlock the benefits of trade and investment to lift productivity and connectivity, including support to uplift First Nations economic activities.
The Ministerial Council on Trade and Investment was established by the national cabinet last year with a view to aligning trade and investment efforts across the federal, state and territory governments.
Another meeting of the council will be held later in 2023, with the development of a work plan to deliver on a five-point ‘Team Australia’ approach now underway. The plan will advance Australia’s trade and investment priorities focusing on free, fair and open trade.
The five priorities include:
- continuing efforts that support trade and investment diversification;
- identifying opportunities to facilitate trade at and behind the Australian border;
- improving national coordination in trade advocacy, marketing strategies and the conduct of trade promotion in overseas markets;
- improving Commonwealth, State and Territory coordination in foreign direct investment attraction focussed on sectors of national significance; and
- supporting the clean energy transition and supply chain resilience.
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