The Joint Standing Committee on Trade and Investment Growth has completed its inquiry into the understanding and utilisation of benefits under free trade agreements.
Throughout the inquiry the Committee heard from experts about how to ensure businesses and communities can take advantage of trade opportunities. The Committee focussed on the extent to which small and medium sized enterprises, First Nations, and diaspora communities are able to engage with trade.
The Chair of the Committee, Mr Steve Georganas MP, said: "This inquiry highlighted the strength of Australia as a trading nation and the remarkable success that so many Australian businesses have had in making the most of the opportunities presented by international trade.
However, there is untapped potential. We must continue to ensure that more Australian businesses and communities are able to participate if we are to maximise the economic and social benefits of trade for all Australians."
The Committee's report makes thirteen recommendations to Government to boost access of Australian business to the benefits of trade, including by:
- Publishing more information and data on the uptake and utilisation of trade agreements.
- Developing a strategy to build awareness and capacity for Australian businesses to engage with trade and trade agreements, including through collaboration with industry bodies.
- Continuing to work proactively with industry to identify and resolve non-tariff barriers to trade, including advocating for greater standards harmonisation.
- Accelerating initiatives to streamline requirements and processes involved in accessing trade agreements, particularly relating to rules of origin and certificates of origin.
- Creating a strategy for enhanced targeted education and outreach programs among groups such as small and medium sized enterprises, First Nations, and diaspora communities.
- Supporting research to better understand how and to what extent different participants in the economy engage with and benefit from trade and free trade agreements.
- Providing communications material and trade facilitation initiatives in non-English languages to more effectively engage with local diaspora communities.
Throughout the inquiry, the Committee held public hearings in Canberra, Melbourne, Sydney, and virtually, in addition to receiving 35 written submissions from businesses, industry groups and peak bodies, government agencies, community organisations, academics, and individuals.
The Committee would like to thank all those who have taken part in the inquiry by providing written submissions and giving evidence at public hearings.
The Committee's final report can be found on the inquiry webpage alongside further information about the inquiry, including the terms of reference, published submissions, and public hearing transcripts.
