This submission responds to the Joint Select Committee on Trade and Investment Growth's 'Inquiry into the Business Experience in Utilising Australia's Free Trade Agreements'. It outlines limitation of existing Free Trade Agreements (FTAs), and suggest a range of proposals to increase uptake of FTAs. The Business Council supports trade liberalisation as more open markets provide for greater competition and allow Australian companies to improve their international competitiveness.
This submission recommends a range of actions the government could take to better utilise FTAs, which address endemic and systemic issues such as:
- Information asymmetry.
- Complex rules of origin.
- More focused economic integration.
- Encouraging greater investment.
- Collaborating more closing with business through existing institutions and agreement architecture.