Australia's export trade agreements with China, Japan and South Korea – three of our four largest export markets – will set Australia up for the long term.
These agreements will grow our economy, create jobs and benefit consumers.
Independent economic modelling has found that together these three free trade agreements will, over the next two decades, create many thousands of new jobs, make households more than $4,000 better off and boost GDP by almost $25 billion.
For Australian consumers and businesses, the new trade agreements will also place downward pressure on the prices of some goods, such as vehicles, electronics, clothes and household appliances.
The Trans-Pacific Partnership Agreement (TPP) promises even greater benefits for Australian exporters and investors in the fast growing Asia-Pacific region.
We are negotiating further export agreements with India, Indonesia, and regional and Pacific nations and have agreed to negotiate an FTA with the 28-member European Union, creating even greater opportunities for Australian businesses.
Australians are already benefitting from the China-Australia Free Trade Agreement through greater market access for Australian goods and services.
This is the most liberalising FTA that China has ever undertaken.
96% of Australian exports to China will be tariff free once this agreement is fully implemented.
Farmers will benefit with the complete removal of tariffs of key exports such as dairy, beef, lamb, wine, horticulture and seafood.
The China FTA also opens opportunities in China for Australian private hospitals, providers of aged care services, telecommunications companies and a wide range of other service providers.
The Japan-Australia Economic Partnership Agreement is the most ambitious trade deal Japan has concluded with any other country.
When fully implemented, more than 97% of Australian exports will enter Japan – the world’s third-largest economy – duty free or with preferential access.
The tariffs on our biggest agricultural export to Japan – beef – will almost be halved, while tariffs will be eliminated on other key agricultural exports, including a range of wine, seafood, processed food, fruit, vegetables and nuts.
Australia will also gain new levels of access to the Japanese market for a range of services.
Australian consumers will also benefit from downward pressure on prices for Japanese cars and parts and a range of household items including whitegoods and electronics through the elimination of tariffs.
Under this agreement, almost 100% of all Australian exports to South Korea will be able to enter duty free on full implementation of the Agreement.
Independent economic modelling estimates that, by 2030, exports of agricultural goods to South Korea will be 73% higher, manufacturing exports will be 53% higher and mining exports will be 17% higher than would otherwise be the case.
Our goods and services exports to the Trans-Pacific Partnership markets were worth $107 billion in 2014-15 – a third of all our exports.
The TPP will deliver substantial new trade and investment opportunities and greater access to the world’s most dynamic economies for our service industries.