Finding new trade markets remains very much in Australia’s sights amid continual global political and trading turmoil sparked by the US.
Last week, the members of a new Trade Diversification Network were announced who will help Australian exporters find new markets.
Canberra says 40 national peak bodies from a wide range of industries will join the new network that will access a $50m federal fund for exporters to find new markets.
The federal government says the network will develop tailored activities such as trade missions, training and showcases for exporters.
Federal Trade Minister Don Farrell says they “want to see more Australian exporters doing more trade with new partners in places like the Middle East and South-East Asia”.
“We are in an age of uncertainty right now in terms of trade. Things are very much up in the air,” he told a press conference in Adelaide.
“We’ve got 19 free trade agreements that cover almost 80% of the world but we think we can do more.”
RESPONSE TO TRADE TARIFFS
Farrell says their $50m fund is in response to the US Government’s tariffs imposed on a global scale last year.
“My job is to ensure that all trade agreements we agreed to are implemented fully but, secondly, to find new partners for trade agreements,” he says.
The minister says one in four jobs are connected to trade and that boosting exports will secure jobs.
About 32% of national economic productivity is trade-related and that export businesses tend, on average, to produce more, employ more people and pay higher wages, according to the federal government.
AUST-EU DEAL
Australia and the EU are pushing for a trade deal that may be closer to reality after the EU signed a deal with the Mercosur grouping of South American countries (see below).
The federal government says the EU market was worth $25.9 billion to Australia in 2024 and that a new deal could include visa access for residents.
Media reports indicate that a deal may be signed as early as next month but EU worries over Aussie meat imports are holding up progress.
CLICK BELOW FOR PART TWO: EU LOOKS ELSEWHERE AMID US TURMOIL
