High-quality, comprehensive free trade agreements (FTAs) can play an important role in supporting global trade liberalisation.
FTAs can cover entire regions with multiple participants or link just two economies. Under these agreements, parties enter into legally binding commitments to open access to each others’ markets for goods and services, and investment.
Australia has ten FTAs currently in force with China, Japan, Republic of Korea, New Zealand, Singapore, Thailand, US, Chile, the Association of South East Asian Nations (ASEAN) (with New Zealand) and Malaysia.
Australia concluded negotiations of the Trans-Pacific Partnership Agreement in October 2015. This agreement will enter into force following completion of each country’s domestic implementation processes.
Australia is currently engaged in six FTA negotiations – two bilateral FTA negotiations: India and Indonesia; and four plurilateral FTA negotiations: the Trans-Pacific Partnership Agreement (TPP), the Gulf Cooperation Council (GCC), the Pacific Trade and Economic Agreement (PACER Plus), the Regional Comprehensive Economic Partnership Agreement (RCEP) and the Trade in Services Agreement (TiSA) and scoping is underway for an FTA with the European Union.