Mr PROSSER (3:32 PM) —My question is to the Minister for Trade. Would the minister inform the House of recent developments in Australia's trade with East Asia? How will the forthcoming APEC meetings in Brunei help to increase Australia's export opportunities, and are you aware of any threats to Australia's export prospects in the region?

Mr VAILE (Minister for Trade) —I thank the honourable member for his question. He obviously takes a great deal of interest, representing an electorate that does a considerable amount of export business for Australia. It is interesting to note that, three years after the start of the Asian economic crisis, Australia's merchandise exports to East Asia are at a record high of $55.8 billion. Exports to East Asia are now 66 per cent above the lowest level during the crisis, which was in February 1999. During that time of the Asian economic crisis, Australia diversified into new markets, showing that the government's Asia-plus trade strategy was exactly what was required during that period. We have maintained those new markets as well as regaining our market share within East Asia. Some of the spectacular export performers into that East Asian market are interesting to note. For example, oilseed exports to China have increased from $64,000 worth in 1996 to $406 million worth in 1999-2000. I spoke about our automotive exports yesterday. In 1996 we exported $31 million worth of car parts to Korea. In 1999-2000 that is $103 million worth—certainly a significant increase over that period of time.

Later this week the Minister for Foreign Affairs and I will be going to the APEC ministerial meeting in Brunei, and next week the Prime Minister will attend the leaders' meeting in Brunei. Australia has worked within the regional forum of APEC to underpin the success in Asia and East Asia as we have fought back since the depths of the economic crisis. Australia has led the way in strengthening the reporting of progress towards the APEC goals of free and open trade and investment with policies such as the electronic individual action plan, which we presented and led the way with in the ministerial meeting in Darwin earlier this year. Also at that ministerial meeting in Darwin, which I chaired, we agreed to the launch of the BizAPEC.com web site, which gives exporters an opportunity to go through a single portal and access new markets, getting market intelligence and information off the web. Since we launched that BizAPEC site in June of this year, the Australian business community has responded enthusiastically to the site, with the latest statistics showing an average of over 12,000 hits per month from Australian businesses accessing market information through the BizAPEC site. Of course, that will get further endorsement at the Brunei meeting next week.

We all know, and Australian exporters know, that the only threat to the current success of Australia's exporters is a possibility of the election of a Labor government in the future and rolling back a lot of the economic reforms we have introduced in this country that have provided a very sound economic base domestically within Australia from which they can launch themselves into the international marketplace. As the statistics continue to show, they have been doing that during our period of government since 1996.

Mr Howard —Mr Speaker, I ask that further questions be placed on the Notice Paper.