17 May 1995
POTENTIAL FOR GROWTH IN AUSTRALIA-BRITAIN TRADE AND INVESTMENT - McMULLAN
There is potential for Australia's trade and investment partnership with Britain to grow even more strongly than in the past, the Minister for Trade, Senator Bob McMullan, told a meeting of the Australian British Chamber of Commerce in London today.
Senator McMullan said Australia's strong interest in the Asia-Pacific region does not restrict us from developing our ties with other regions.
"Our focus on Asia isn't a zero-sum strategy which must inevitably come at the cost of our relations with Europe," Senator McMullan said.
"The fact is, our influence and engagement in the Asia-Pacific region strengthens the role we can play in Europe.
"Our economic and political relationships with Europe are, and will remain, of major importance to us.
"This is reflected in the fact that the European Union is still Australia's largest economic partner when merchandise trade, trade in services, and investment stock levels are added together.
"And Britain is our fourth largest trading partner overall, with two-way trade valued at nearly A$7.5 billion last year.
"Britain is also the second largest investor in Australia.
"This is why we have selected Britain as a focus market for the third National Trade and Investment Outlook Conference in Melbourne later this year.
"We need to make sure that the significance of changes to Australia's export culture - building on our traditional strengths in commodities with our world-class capabilities in sophisticated manufactures and areas such as information technology and telecommunications - is more broadly understood in Britain, and the abilities of an invigorated Australia are better appreciated," Senator McMullan said.
Further information: John Flannery, (06) 277 7420
Speech available on request from: Gai Brodtmann, (06) 261 3214
Bob McMullan Minister for Trade Parliament House, Canberra, ACT 2600 Tel: (06) 277 7420 Fax: (06) 273 4128