CANBERRA: Minister for Trade and Investment Steven Ciobo says he hopes his trip to Japan today and tomorrow will build upon our free trade agreement with our Asian neighbour and promote our food and beverage, financial services and health sectors.
Ciobo flew to Japan on a trip focused on maximizing the export potential of Australia’s services industries.
He said Australia’s free trade agreement was already doing terrific work for key Australian commodities.
“For example, and this is one of the headline statements we hear, is between 2014 and 2016, Australian table grapes increased in exports by some 5000 per cent,” he told press.
“Now I’m not going to deny that was off a relatively low base, but the point it we’ve created a whole new export market.
“When you speak to the local members like (northwest Victorian MP) Andrew Broad, he’ll tell you about how exceedingly well his grape growers are doing now because they’ve got access to a key export market like Japan.”
Ciobo said there were significant opportunities to pursue in services industries such as finance and health.
“Services account for about 75 per cent of the Australian economy. Roughly four out of every five jobs is in services industries, and yet it’s only 20 per cent of our exports,” he said.
Ciobo blamed state government moratoria on gas exploration for the fact that the Japanese are currently paying less for Bass Strait gas than Victorians.
Following Malcolm Turnbull’s visit to India last week, which saw free trade negotiations put on the back burner, Ciobo said Australia was “having a good look” at the situation.
“Certainly what India’s asking goes well beyond anything that Australia has done in terms of any FTAs we have put in place and we’re not willing to go to that extent,” he said.
“But certainly I want to have a look at what it is that India is offering with respect to good exports.
“From my perspective, I want to make sure that Australia’s national interest is well served, which means doing a deal that’s good for Australia and not just doing a deal to get one over the line if it’s not serving our national interest well.”
