We are an outward-looking, sovereign, trading nation.
Last week, Prime Minister Morrison made Australia's case for free-trade clearly and without reservation at the UN General Assembly.
We know that trade creates wealth and brings nations together. It makes us more prosperous, all of us. We won’t retreat into the downward spiral of protectionism in Australia.
Watch the Prime Minister's full address to the UN General Assembly.
Australia looks to the world with our values in mind
The Minister outlined Australia’s three main priorities in trade:
- Expanding the options for our exporters by opening up even more commercially significant and emerging markets;
- Strengthening the rules-based system that underpins international trade.
- Promoting the high quality of our goods and services across the world.
Good economic sense and the weight of history lie firmly in favour of continued economic openness.
For Australia, that means:
- Openness in terms of the opportunities our businesses have to sell their goods and services overseas.
- Openness in terms of again welcoming investment when it is in our national interest.
- And openness in terms of welcoming overseas visitors in the future, when we safely can.
Our liberalised trade policy has, over the last three decades, given a 5.4 per cent boost to Australia’s real GDP.
Australian households are an $8,400 estimated better off due to our open trade policies.
Our role in global supply chains means we can export the large surpluses we produce in many goods, not to mention the expertise of our people and businesses. It also means Australian consumers and businesses can get access to the world’s best technology and products at the best prices.
Free trade is the Australian way because of the benefits for our people.