Australia’s agreements reduce barriers to international trade and investment for Australian goods and services, playing an important role in creating well-paid and secure jobs, improving our economic resilience, and contributing to economic growth and increased living standards.

Throughout the inquiry to date, the Committee has heard about the immense benefits of Australia’s participation in international trade, as well as the need to consider the potential effect of agreements on a wide range of stakeholders and how the benefits of trade are shared.

The interim report makes 5 recommendations focused on strengthening Australia’s approach by improving transparency, accountability, and oversight in the negotiation of trade and investment agreements. These include:

• Establishing a tripartite trade advisory committee to achieve a better balance between transparency and confidentiality in negotiations, enabling in-depth and informed feedback to government.
• Codifying the practice of publishing information outlining negotiation aims and objectives for all future trade and investment agreement negotiations.
• Providing transparency and information to stakeholders and the public about negotiations equivalent to the information provided by the other party.
• Regular briefings to parliamentary committees on the status and progress of trade and investment agreements.
• Undertaking independent periodic reviews of agreements to ensure that they are operating as intended and achieving the expected benefits.