The Australian Trade Minister says he has “no plans” to withdraw the Australian-China Free Trade Agreement after his government’s victory in the country’s parliamentary election.
Key points:Mr Turnbull says the government is “committed” to the dealThe Prime Minister says there will be “no changes” to it, but says he needs “fresh thinking” on trade policies “as the next government gets up”The deal, signed in 1993, covers about 60 per cent of Australia’s economy and is the biggest single trade deal in world history.
The government says it is committed to the agreement, which will see Australia and China sign a trade deal worth $US1.3 trillion over 10 years.
Mr Turnbull said he had “no plan” to scrap it.
“We’re in a very good position and we’ve been able to negotiate it,” he said on ABC radio.
“The issue of the future of the agreement is for the next parliament.”
He said it was important to “reconsider the nature of the relationship”.
“We want a deal that works for the whole of the Australian economy, for all Australians, not just those who live in this particular part of Australia,” he added.
The agreement includes the Australian dollar, the value of the dollar in the local currency, and Australia’s exports to China, India, South Korea and Japan.
Mr Trumps office has said it is “very confident” the deal will be in place in time for the start of the new Parliament.
“There will be no changes to the Agreement as a whole,” a statement from the Government said.
Mr Trump said he would withdraw the deal if he were elected and the deal was not changed.
“I’ve been very, very clear that if we don’t do this deal, if we are not going to negotiate a deal, I’m not going,” he told ABC Radio.
The Prime Minster has previously said he has been “comfortable” with the deal.
“This is a great deal for the Australian people, for Australian jobs and for our country,” he stated in October.
The deal is expected to benefit Australia’s manufacturing sector.
The Australian Manufacturing Council, which represents the countrys largest manufacturers, has welcomed the news of the deal’s demise.
“Manufacturing has been in a weak position in the past couple of years,” said AMC president Andrew Loughran.
“But we’re excited to see the new administration’s commitment to manufacturing and a strong relationship with China.”