MEDIA RELEASE

ACTING PRIME MINISTER AND
MINISTER FOR TRADE

TIM FISCHER

9 July 1999

Our Strong Economy: More Trade, More Jobs For Australia: Fischer

Continuing strong economic growth was vital for Australian jobs, trade and exports, Acting Prime Minister and Minister for Trade, Tim Fischer, said in Darwin today at the conclusion of the seventh National Trade Consultations Ministerial Meeting

Mr Fischer said Australia needed to follow the high growth path based on enhanced export capacity and resist pressures to return to protectionist policies.

In a strongly worded resolution that was carried unanimously, State and Territory Ministers joined the Federal Government in condemning the outbreak of protectionism with the US decision to restrict exports of Australian prime lamb.

Mr Fischer said that in the fiercely competitive international environment, closer coordination between all levels of government, business and the wider community was necessary to pursue trade goals and to help develop a common understanding of the benefits of an open trading system.

Mr Fischer identified the new tax system, the budget surplus and the government's reform program as providing a supporting framework for a record period of economic growth in the face of a particularly difficult period of instability in our region.

At the meeting, Ministers supported Australia's efforts to launch a new comprehensive round of trade negotiations at the World Trade Organisation (WTO) Ministerial Conference in Seattle in November/December this year.

They noted the Asia Pacific Economic Cooperation (APEC) member countries' support for a broad based new round at the Ministerial meeting in Auckland (June 1999). They were encouraged by the APEC Ministers' support for new WTO negotiations with industrial (non-agricultural) tariffs as an integral part.

Ministers agreed that in tough trading times Australia should pursue its three pronged strategy involving multilateral, regional and bilateral approaches to pursue commercial opportunities in a variety of national contexts.

They also supported the strong emphasis in the Trade Outcomes and Outlook Statement (TOOS) for seeking out every opportunity for Australian firms to diversify their exports into new and growing markets.

Recognising the need for Australia to respond rapidly to the changing trading environment, Ministers emphasised the importance of the growth of the Internet and e-commerce for trade policy issues. They agreed that the increasingly interdependent nature of the global economy meant that initiatives to deal with the 'millennium bug' (see Y2K website) should be widely disseminated and publicised.

The meeting highlighted the range of upcoming events, which will help enhance Australia's international trading position. They include participation in the Hannover 2000 Expo, the East Asia/Pacific Economic Summit in Melbourne (11-13 September 2000), the Pacific Rim Forum in Sydney (2-4 October 2000), and a number of the business related events associated with the Sydney Olympics.

Ministers welcomed a range of initiatives taken jointly by their governments to strengthen the impact of Australia's trade promotion activities overseas, including closer consultation among their offshore representative offices and the ratification of a Memorandum of Understanding (MOU) between Federal, State and Territory agencies to coordinate international trade exhibitions.

The NTC Ministerial meeting in Darwin was timed to coincide with the NT Expo, and was attended by State and Territory Ministers with responsibility for trade, economic development and business relations. The outcomes of this meeting of the National Trade Consultations are contained in a communiqué (which is available on request).

Mr Fischer expressed his appreciation to the Northern Territory Government for the excellent support and facilities provided for the meeting.

The next NTC Ministerial meeting will be held in Brisbane in mid 2000.