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 5 FREE TRADE AGREEMENTS WITH CHINA AND JAPAN

Mr Hunt, pursuant to notice, moved—That this House:

(1) supports the development of bilateral free trade agreements with both China and Japan;

(2) acknowledges the close partnership that Australia has developed with both Japan and China;

(3) notes the importance of trade with Japan, Australia's principal trading partner;

(4) notes the importance of rapidly growing trade with China which has a real annual growth rate of 7 per cent;

(5) acknowledges the massive economic and social benefits of a genuine free trade agreement with both China and Japan to all parties;

(6) realises that the ASEAN Free Trade Area, the proposed China-ASEAN FTA and Japan's proposal for a comprehensive regional economic partnership reflect the fact that China and Japan recognise that free and open trade is the best guarantee of economic prosperity and growth;

(7) commits to an international free trade agenda understanding that bilateral free trade agreements can complement and encourage wider free trade objectives in APEC and the WTO;

(8) forcefully supports an international free trade agenda as a driver for global economic prosperity, improved living standards and greater opportunities for the developing world; and

(9) commends the efforts of Japan and China to enhance global free trade, in particular, China's efforts to reduce average tariff rates from 40 per cent a decade ago to 11.5 per cent today.

Debate ensued.

At 1.45 p.m., the time allotted for the debate having expired, the debate was interrupted in accordance with standing order 106A, Mr Jenkins was granted leave to continue his speech when the debate is resumed, and the resumption of the debate was made an order of the day for the next sitting.