Free trade deals not to be feared
PUBLIC awareness of recent free trade agreements entered into with Japan, Korea, and China is only just beginning to gain traction.
Basically, “free trade” equates to “duty free” trade between countries.
For example, the present 15 per cent tariff imposed by the Chinese Government on Australian rock lobster exports, such as those sourced from the local industry
based around Mindarie and Two Rocks, will be eliminated over four years; as will the tariff of between 10 to 13 per cent levied by China on fresh vegetables, grown locally in Carabooda and Gingin.
I am often asked if free trade and foreign investment will be beneficial to the living standards of Australians.
The answer to the question is that it depends largely on the commercial terms of the individual legal agreements entered into between parties.
Only prudently negotiated and carefully documented contracts will yield the most benefit for the businesses involved in supplying overseas markets.
As a nation, we should not be afraid of free trade agreements but understand that they bring increased competition, less taxation,
as well as significant opportunities for economic advancement. IAN GOODENOUGH, MP, Federal Member for Moore.