Mr LINDSAY (2:51 PM) —My question is addressed to the Minister for Trade. Would the minister advise the House of recent developments in the government’s trade relations with Australia’s neighbours in the Asia-Pacific?

Mr TRUSS (Minister for Trade) —I thank the honourable member for Herbert for the question. I recognise the important role that his electorate has in trade with the Asia-Pacific. It is a key setting point for many of our trading activities and has very close links with many of the countries of the Asia-Pacific. We have in the parliament this afternoon and this evening a number of business leaders from Australia who were involved in the Asia-Pacific region. The APEC Business Forum focuses particularly on our business associations with that region. It is on the hard work of the business of Australia that our trading relationship has grown so strongly over recent times. In 2005 our trade with APEC nations hit $250 billion for the first time. So it is a very significant part of our relationship.

The report on trade that will be released later today shows that this figure results from an 18 per cent increase in our exports to APEC’s 21 members and a 10 per cent increase in imports from those countries. APEC’s goods and services trade has grown particularly strongly with Japan, China and Korea but there have also been increases to Singapore, Chinese Taipei and Thailand. It is of interest to note that eight out of 10 of Australia’s top trading partners are in the APEC economies, and they account for 70 per cent of our trade to the world. So the APEC ministerial meeting and leaders meeting in Hanoi were particularly important in asserting a new agenda to look more closely at the way in which we can develop that trading relationship. It is clear that the future regional architecture will play a significant role in determining how we can build that trade. One of the key activities that Australia, as host for APEC next year, will be undertaking is exploring ways in which that trading relationship can grow stronger. We look forward to building on this $250 billion trading relationship in the years ahead.