There’s More to Morocco!

There's More to Morocco!

Morocco is more than the wonderful country and people that immediately spring to mind. Morocco has a sophisticated industrial base of highly elaborated manufacturers and well-developed financial markets.

Moroccans know about Australia too. And not only as a tourist destination or bulk commodity exporter. Moroccans look to Australia for expertise in renewable energies and the mining sector, and solutions in agtech and agri-business; as well as for the high-end and quality food products Australia is famous for.

Moroccans want to diversify away from their traditional trading partners. And they want to do business with Australia. We’ve been told by business groups that automotive, aeronautics, agribusiness, textiles, tourism, vocational training and research and development are all areas of interest. Moroccan businesses and women entrepreneurs are interested in teaming up with companies in Australia as mentors and to learn from each other’s experiences.

Some familiar Australian companies have made their home in Morocco. Worley Group, a global provider of professional project and asset services, is a joint venture partner with the Moroccan phosphate conglomerate, OCP in JESA, one of Africa’s largest engineering firms.

The major Australian travel firm, Intrepid Travel, has a regional office in Marrakech. Kasbah Resources is involved in a tin mine outside Meknes. The international agribusiness firm, Costa Group, has significant investments in Morocco through its African Blue operations, particularly in Larache.

Australian exports to Morocco are very diverse. Camel meat and beef, offal, wine, organic pesticides, seeds, grains, sophisticated telecommunications, agtech and in mining and energy; consultancy, engineering, technology and exploration services.

A major urban development project south of Casablanca is seeking the Green Building Council of Australia Green Star accreditation. Mazagan City Centre will eventually house 134,000 by 2034 with an existing vibrant university within its zone.

Key emerging commercial opportunities in Morocco exist in sectors where Australian businesses are already present, as well as in new sectors and areas. The growing trend of upscale food service expansion and retail is an example which could increase the volume of exported high-end meats and wines to Morocco and lead the way for dairy, honey, seafood, cosmetic and other products.

Agribusiness could increase the volume of the commodity trade and present Australian capabilities in technology, genetic materials, and services such as irrigation and related infrastructure. There are opportunities in the defence sector on naval and cybersecurity. Green building, energy efficiency and urban development in the building sector are key to Morocco’s future development. There is increased interest in the education market for English-speaking education and destinations. Mining and energy offer opportunities in mining exploration, LNG gas as well as in renewable energies and the use of hydrogen especially for industrial usage.

The Australia Morocco Business Council and the Australia Arab Chamber of Commerce and Industry can provide insights into the trade and investment relationship and opportunities. Austrade has a Country Director located in Rabat.

Why Morocco? The Moroccan government is pro-business. Morocco is strategically placed to attract investment from companies wishing to export to the EU market and to Sub-Saharan Africa. Morocco encourages and facilitates investment, particularly as a manufacturing and export base for international companies. The national economic policy narrative emphasises Morocco’s status as a multilingual and cosmopolitan country, situated at the cross-roads of Sub-Saharan African, the Middle East and Europe. As well as its relatively low labour costs and commitment to a diverse, open, market-oriented economy.

Key sectors include agriculture, tourism, manufacturing (aerospace and automotive), pharmaceuticals, mining (phosphates), textiles and subcomponents. Morocco has increased investment in its ports, transport and industrial infrastructure to position itself as an offshore manufacturing centre with Europe, and broker business throughout Africa. Morocco attracts the fourth highest FDI in Africa with automotive and aerospace being the key revenue earners. Telecommunications and financial services are lead growth sectors as well, as Morocco increases its investments in Africa (recently becoming the second largest African investor on the continent).

Sports and cultural events can also represent a business opportunity as Morocco continues to grow its golf and surfing capabilities, as well as its internationally renowned music and film festivals. For example, Australia was the featured country at the Marrakech International Film Festival in 2019.

Morocco’s FTAs with a number of markets including the EU, UK and USA represent an opportunity for international investors who wish to assemble or manufacture in Morocco and export to those markets. Costa Group in Morocco is a good example of an agricultural investment, producing Australian patented blueberries for export to the EU.

Of course, we recommend undertaking your own due diligence. We note many companies initially enter the Moroccan market with a Moroccan or local partner.

Morocco’s transport infrastructure is impressive. The Tanger Med port now handles the most containers of any Mediterranean port, as well as the African continent. It supports direct logistical connections with over 100 countries. Tanger Med is complemented by an extensive toll road system linking all the major economic zones and business centres. A state-of-the-art high-speed train that entered into service in late 2018 joins Tanger with Casablanca via the capital Rabat. Casablanca is the economic and commercial centre of Morocco. It has the largest population and its Stock Exchange was founded in 1929.

Morocco’s economic fundamentals are sound. According to a World Bank April 2021 report, GDP growth in Morocco is expected to accelerate to 4.2% in 2021. Real GDP growth is expected to remain slightly above its pre-pandemic trend during the projection period as the output gap narrows gradually and the ongoing reforms begin to have an impact. The current account deficit is expected to stabilize below 4% of GDP while the fiscal deficit is expected to fall gradually. Morocco’s central bank, Bank Al-Maghrib, kept its primary interest rate at its March 2021 meeting at 1.5%. Total public debt was around 95% of GDP in 2020.

Want to learn more? Apart from the AMBC and AACCI, feel free to contact Austrade Country Director, Oussama Alaoui at oussama.alaoui@austrade.gov.au.

Fifteen NSW Exporters Recognised at 2020 Premier’s NSW Resilient Export Awards luncheon

Fifteen NSW Exporters Recognised at 2020 Premier’s NSW Resilient Export Awards luncheon

A high-tech aroma recovery manufacturer, a medical device innovator, a drone detection technology exporter and a dance company are among the fifteen NSW businesses to be recognised at the 2020 Premier’s NSW Export Awards Resilience luncheon.

The Premier’s NSW Export Awards have honoured the achievements of outstanding local exporters for the past 57 years. In the program’s 58th year, in 2020, the NSW Government adapted the awards program as a platform to celebrate and promote stories of resilience, perseverance and adapting under pressure from the NSW export community.

Investment NSW CEO Amy Brown said the Awards shine a spotlight on stories of innovation and quick-thinking pivots by determined business leaders in the face of unprecedented challenges.

“From regional to metro, and across exporters big and small, these are stories that highlight the tenacity of NSW businesses to keep putting their world-class goods and services in the hands of international buyers,” Ms Brown said.

“Supporting businesses to continue exporting or even pivot to global markets for the first time has been a cornerstone of the government’s strategy for economic recovery.

“Through Investment NSW, we continue to offer a range of support measures for businesses at every stage of their export journey, including up to $10,000 Export Assistance Grants to help businesses recover from the impacts of COVID-19, bushfires and drought,” she said.

Chair of the Export Council of Australia Dianne Tipping said they’ve been inspired by the efforts of NSW exporters to sustain their businesses and continue in most circumstances to not only survive but in some instances thrive.

“While many business owners will continue to feel the strains of a global economic downturn for some time to come, the stories from NSW exporters have inspired others to adapt, innovate, and diversify,” Ms Tipping said.

New IP Counsellor to China

New IP Counsellor to China

IP Australia is pleased to announce our new intellectual property (IP) Counsellor to China – Charlotte Trinh. Charlotte is an experienced international IP lawyer, with extensive experience working in China.

Based out of the Australian Embassy in Beijing, Charlotte is on hand to guide and connect Australians to the innovation system.

About the role

The IP Counsellor role recognises the importance of China as a major trading partner. Australian businesses have shown consistent interest in the China market, seen through growth in trade mark filings over time.

Priorities for the IP Counsellor include:
  • helping Australian businesses understand the differences been Australian and Chinese IP laws
  • guiding businesses as they navigate the China IP system
  • connecting businesses to the China innovation ecosystem
  • deepening Australia-China engagement and collaboration on IP issues

Get in touch

Charlotte is looking forward to working with Australian businesses wanting to expand into the China market – and is ready to work with you. To get in touch, email Charlotte at ChinaIP@ipaustralia.gov.au

Visit our website to find out more about how to make the most of your IP in China.

Mauritius: (Is)land of opportunities

Mauritius: (Is)land of opportunities

Mauritius, a small island developing state with a population of 1.3 million, is probably best known as a tourist destination. Pre-COVID, the country welcomed over a million visitors annually, and was a promising market for Australian premium food and beverage exports.

But in a COVID world, where travel for leisure is off the cards for some time to come, what prospects does this Indian Ocean island offer for Australian businesses?

The opportunities are two-fold: in Mauritius itself, and beyond into Africa and India.
With its stable democracy, independent legal system and capable workforce (predominantly bilingual English and French speaking), Mauritius offers a trusted platform for doing business in the region. It ranked 13th globally and first in Africa in the World Bank’s 2020 Ease of Doing Business report.
It also has a global network of investment protection and double taxation treaties (22 in Africa) and is a leading source of FDI to India. More than 150 Australian companies are registered in the country.
Promising areas for collaboration include education and professional services, the blue economy, renewable energy, and agribusiness. The latter two sectors will only grow in importance over the next decade, as the country seeks to transition to a low-carbon economy, and improve food self sufficiency.
Australian education services have a solid foothold in Mauritius. Curtin University established a branch campus on the island in 2018. La Trobe University, as well as Western Australia’s North and South Metro TAFEs all have partnerships in place with local institutions. And they aren’t just targeting the local student market. Instead, they are seeking to attract students from across Africa.
There’s a strong appetite on the island for Australian innovation, actively supported by the Mauritian government through grant matching schemes. These schemes have seen the University of Western Australia partner with local hotel giant Sun Resorts to combat coastal erosion, and Queensland University of Technology work with leading local corporate, Omnicane Ltd to convert sugar cane trash into biodegradable plastic, to name a couple of recent examples.
Mauritius is also positioning itself as a fintech hub through the Mauritius Africa Fintech Hub (MAFH), launched in October 2018. This helped introduce the Mauritius Regulatory Sandbox Licence (RSL) to cater for innovative fintech projects. The OECD in partnership with the Financial Services Commission launched its Regional Centre of Excellence for Africa in Mauritius in 2019.
Mauritius currently offers one-year visas to encourage business travellers. If you’re interested in finding out more about doing business with Mauritius, take a look at these resources:

Attracting US investors to Australia – the opportunity is now

Attracting US investors to Australia - the opportunity is now

The economic devastation of COVID-19 has presented Australia, much like the rest of the world, an opportunity to build back better and reset our economic trajectory. As budget deficits and debt overhangs loom, our relationship with the United States is a conspicuous component of this reset and growing back stronger.

For many years before the pandemic, the United States was a critically important partner of Australia, made all the more lucrative since 2005 when the Australia-United States free trade agreement came into effect.

Fast forward to 2020, and direct US investment in Australia totalled more than $984 billion – accounting for 1 in every 5 dollars. As of 2018, there were 1,101 majority-owned foreign affiliates of US multinational enterprises employing a workforce of more than 320,000 Australians, while in 2019, seven per cent of Australia’s GDP was the direct result of US trade and investment.
When you consider those numbers, it is little wonder an economic calamity such as a global pandemic precipitated some of Australia’s biggest companies declaring now is the time to deliver the necessary reforms to position Australia as the leader of the pack for US investment.
That’s why PwC Australia and the American Chamber of Commerce have released a landmark new report – Attracting US investors to Australia: The opportunity is now. The report is co-authored by some of the largest businesses to operate out of Australia, including Chevron, Boeing, Google Australia, Pfizer and Facebook. It states the case for why there’s never been a better time to get the regulatory and legislative settings right to ensure foreign direct investment from the United States continues to grow.
Foreign direct investment is a critical component of the Australian economy as we have long been a capital importing nation. By supplementing domestic savings, foreign capital moves us closer to our productive potential by funding new businesses and industry opportunities. Although they play different roles, international trade and investment are inextricably linked and most often complementary; foreign investment is generally a precursor to the cross-border transfer of goods, services and capital. Both trade and investment regularly face pressure and obstacles from protectionist governments, despite their benefits to recipient countries.
It’s clear that foreign direct investment had and continues to have great potential to have a positive impact on Australia’s exports. For example, Australia’s mining exports increased by over $150 billion since the start of the mining boom while foreign direct
investment in the sector increased by ~9 times in the same period.
When it comes to the Australian commodities that sit atop the goods and services exports list, whether it’s natural gas, beef, telecommunications or information technology, or financial services, these are all prime examples of key exports boosted by foreign direct investment.
Our report outlines three critical actions required to ensure Australia remains at the front of the pack when it comes to foreign direct investment from the United States across AsiaPac.
First, a step change in the modernisation and streamlining of existing regulation is required. We propose this should be coordinated federally, by the Government’s Deregulation Taskforce and driven by the National Cabinet. Overly onerous and duplicative regulation impacting business and investment should be targeted as part of the nation-building reform agenda to facilitate economic growth.
We believe departments and agencies across the country should be given a limited timeframe to remove inefficient regulations, to help businesses while maintaining the solid consumer protections Australians have come to expect. We also believe that an aspired reduction of 30 per cent of the total number of regulations would lead to the desired efficiency gains, and be an appropriate goal for each agency to work towards, however this would be on a case-by-case basis depending on the nuances of the markets they regulate.
Secondly, while our regulators do a great job, COVID-19 has moved the goalposts. As business investment continues to lag in Australia we believe now is the time to position regulators with a bias to action – a “yes you can, subject to…” rather than a “no you can’t, unless we say so,”. We believe a review could be the key to ensuring this bias to action.
And finally, there are a raft of targeted ‘micro-reform’ initiatives that can be made without delay, such as reforms to Fringe Benefits Tax to reboot our CBDs and help struggling pubs, cafes and other traders across the country, or labour and migration policy changes to create opportunities for mobility for workers, both within Australia and from foreign countries, or “mutual recognition” reforms to make it easier for companies to attract the right mix of talent.
The onset of COVID-19 coupled with geopolitical uncertainty globally is prompting businesses from the United States to rethink their offshore investment strategies and global business footprints. This need not spell bad news for Australia, and can instead be a springboard for growing direct investment from the United States – and in turn, growing our economy out of trouble.

Recognising remarkable resilience: Summernats burnouts gain traction in US

Recognising remarkable resilience: Summernats burnouts gain traction in US

A ban on mass gatherings that forced the postponement of Australia’s premier car festival – Summernats – hasn’t stalled the event’s rise in popularity in the US thanks to a gaming app that has been downloaded more than 1.5 million times.

In a normal year, Summernats attracts 100,000 car lovers and injects $30 million into the Australian Capital Territory’s economy. The event is a key pillar of Managing Director Andy Lopez’ event management and festival businesses.
Despite the pandemic’s “catastrophic” impact on their events line-up, Mr Lopez, his business partners Dominic McCormack and Andrew Bee, and staff of twelve have pivoted the business to attract online revenue streams. Their focus has also shifted to long-lead planning for what’s shaping to be a bumper year ahead.
The Burnout Masters gaming app launched earlier this year has not only raised the profile of Summernats in the lucrative US market, it has provided a steady income stream from in-app purchases.
The app is based on the real life Burnout Masters series which culminates each year in a national grand final at Summernats. “We’ve spent the past ten years growing Burnout Masters as a sport. It’s an emerging motorsport that is incredibly popular around Australia.
“It looks loose as a goose but it’s actually run as a proper motorsport competition. Mr Lopez said the business partnered with developers Road Burn towards the end of last year to create a game based on the real life series.
“Road Burn did the tech and we did the creative content and licenced the brand, all with a view to making a product that was going to be successful overseas.
“Americans have always had an immense fascination with Australian burnouts and we’d done a lot of work already to raise our profile internationally.”
The Burnout Masters app has also proven to be popular in Europe and South Africa, with more than 400,000 downloads in those territories. On top of the gaming app, Mr Lopez said the team has pivoted merchandise sales from live events to a lifestyle brand for retail sale online. “We have influencers and advocates who promote our stuff in America and we are already seeing international sales grow, which is awesome.
“We’ve developed other revenue streams, some of which we were already doing but it became obvious it was more important to generate that income. The success of his digital ventures aside, Mr Lopez said the team is looking forward to running a series of smaller events next year and, circumstances allowing, the return of a bumper crowd to Summernats in January, 2022.
“We’ve got a small Summernats event that were holding back at our [Canberra] venue in March. There’s Rockynats [in Rockhampton] in April; and we’ve got a new partnership for an event in WA.
“And we’ll have our Red CentreNats back in Alice Springs on Father’s day next year. So from an events point of view we’re really busy. “In 2021, all things being equal, we’ll have a pretty mental sort of year.

Webinar: India Emerging Opportunities for NSW Exporters amid COVID 19

Webinar: India Emerging Opportunities for NSW Exporters amid COVID 19

India is one of the world’s fastest growing economies, with a population of more than 1.3 billion and an expanding middle class. A ‘top 5’ economy undergoing ambitious reforms, it is an attractive market for Australian exporters.

Despite the economic impact of COVID-19 in 2020, there is strong and growing demand for Australian goods and services. A fast-growing middle class, rapid urbanisation and a stable, reformist government underpins this demand.

 

India is one of the world’s fastest growing economies, with a population of more than 1.3 billion and an expanding middle class. A ‘top 5’ economy undergoing ambitious reforms, it is an attractive market for Australian exporters.

Despite the economic impact of COVID-19 in 2020, there is strong and growing demand for Australian goods and services. A fast-growing middle class, rapid urbanisation and a stable, reformist government underpins this demand.
Join the Export Council of Australia, Department of Foreign Affairs and Trade and economic and private sector experts to hear why you should be considering India, and get insights on getting into market.
In our free webinar, we will discuss the India-Australia commercial proposition, market entry and the support available to NSW businesses looking to expand into India.
We will also speak to three experienced exporters, who will walk you through ‘how they did it’, as they share their successes and pitfalls exporting to India.
From the ‘three Ps’ (perseverance, preparation, partnership) to the ‘Chai factor’ in building networks we learnt some practical tips to help you expand your business to India.

Additional Resources:

  • The Export Council of Australia (ECA) is a peak membership body, and here to help if you have any specific questions around exporting in general or exporting to certain markets in particular. If you require any assistance from the ECA, please do not hesitate to reach out to me directly.
  • You can access market insights reports on India and other markets here from the Department of Foreign Affairs and Trade
  • Austrade’s website also has useful resources on India
  • Global NSW offers support and resources for NSW Exporters and you can find out more about their Going Global Program here
  • As our panellists noted, the Australia India Business Council has been promoting bilateral business and trade for 35 years, and is a wealth of information for prospective exporters to India
  • If you require further Government assistance or advice, please visit www.business.gov.au or call 13 28 46

EcoVadis Platinum Sustainability Awarded to Down Under Enterprises

EcoVadis Platinum Sustainability Awarded to Down Under Enterprises

Down Under Enterprises, an Australian-owned family business that grows, produces, exports, and markets traceable and sustainable native botanicals, today announced receiving EcoVadis’ prestigious Platinum Sustainability ranking. The Platinum level is reserved for the top 1% of 75,000+ businesses rated by EcoVadis globally.

The EcoVadis Platinum ranking was awarded to Down Under Enterprises for its outstanding approach to Environmental Management, Labor and Human Rights, and Ethics. The final scoring by EcoVadis puts Down Under Enterprises 60% higher than the average score for SME companies in Australia and over 71% higher than their ranking of all companies globally.

Although Down Under Enterprises has always practiced sustainable operations, their formal Sustainability journey began in earnest five years ago with the establishment of their new farming operations. In designing their state-of-the-art essential oil farms, they aligned all existing and planned activities to their proprietary Cycle of Sustainability program. Down Under then worked within the UN Sustainable Development Goals to align these activities to a global framework. In 2019, the company become a signatory to the UN Global Compact to formalise its commitment to Sustainability. In 2020, the company retained EcoVadis to audit its activities, achieving a Bronze in this inaugural year. In 2021, only the second year with EcoVadis, Down Under Enterprises’ exemplary sustainability efforts have now been formally recognised by EcoVadis, achieving the highly coveted Platinum ranking.

Phil Prather, Head of Marketing & Operations at Down Under Enterprises states, “We are honoured that EcoVadis has recognised our company’s meaningful commitment to sustainability. Our team has worked hard to establish our Sustainability footprint – I am so proud of this team. This award is a wonderful recognition of the significant efforts made by each and every one of our employees.”
Sustainability Manager for Down Under Enterprises, Matt Rafter, commented, “After our first EcoVadis assessment of Bronze in 2020, I prepared an extensive improvement action plan, seeking management approval to work towards a stretch goal of Gold in 2021. To find out we had leaped over that goal to be rated Platinum in 2021, the 99th percentile of all companies on the EcoVadis network, was mind-blowing. I was over the moon!”
To learn more about Down Under Enterprises, their Cycle of Sustainability program, and how it is meeting its obligations as a signatory to the United Nations Global Compact visit: www.downunderenterprises.com/sustainability
About EcoVadis
EcoVadis provides Corporate Social Responsibility Assessment in the areas of Environment, Labor and Human Rights and Ethics.
EcoVadis is the world’s most trusted provider of business sustainability ratings, intelligence, and collaborative performance improvement tools for global supply chains. Backed by a powerful technology platform and a global team of domain experts, EcoVadis’ easy-to-use and actionable sustainability scorecards provide detailed insight into environmental, social and ethical risks across 200 purchasing categories and 160 countries.

 

About the Company
Down Under Enterprises grows, produces, exports, and markets traceable and sustainable native Australian essential oils and botanicals grown on Down Under’s farm, Buhlambar, and from growers across Australia and New Zealand producing unique native essential oils and botanicals. The company operates directly in North America and in Australia, with a network of Commercial Partners throughout Asia and with Univar Solutions in Europe.

Featured Member: Australia Asia Technology Incubator (AATI)

Featured Member: Australia Asia Technology Incubator (AATI)

Minister for Trade, Tourism and Investment Dan Tehan will travel to Europe and the United Kingdom for further Free Trade Agreement (FTA) negotiations, to encourage investment in Australia and to discuss vaccine supply.

 

Mr Tehan will discuss the Australia-EU FTA with European Commission Vice President and Trade Commissioner Valdis Dombrovskis and the Australia-UK FTA with Secretary of State for International Trade The Rt Hon Liz Truss MP.

He will also meet with ministerial counterparts in Germany, France and Brussels to discuss vaccine production and the EU export restriction regime.

Mr Tehan will also co-chair the second Australia-France Trade and Investment Dialogue with Minister Delegate for Foreign Trade and Economic Attractiveness Franck Riester.

His first stop will be Geneva, where he will meet with the World Trade Organization Director-General Okonjo-Iweala to discuss WTO reform and updating global trading rules to benefit Australian businesses. He will also meet with World Intellectual Property Organization Director-General Daren Tang to discuss ways to support Australian businesses to protect their intellectual property rights internationally.

“Trade creates jobs, it supports economic growth and our standard of living, it promotes international engagement and collaboration and it’s mutually beneficial,” Mr Tehan said.

“Australia’s network of Free Trade Agreements comprises 15 agreements with 26 countries and now covers 70 per cent of Australia’s two-way trade, up from 26 per cent in 2013. Free Trade Agreements with the EU and UK would give Australian producers preferential access to more than 500 million consumers and that will translate to more jobs, growth, economic and trade opportunities and innovation in Australia.

“Our negotiations will uphold our commitment to rules-based trade and investment liberalisation while protecting our national interest. We are advancing negotiations with the EU and UK as we seek to finalise these agreements consistent with our national interest. I will also be discussing the supply of EU-produced COVID-19 vaccines that Australia has contracted and how we can work with the EU to enhance the global supply of vaccines.”

Advancing FTA negotiations and vaccine diplomacy

Advancing FTA negotiations and vaccine diplomacy

Minister for Trade, Tourism and Investment Dan Tehan will travel to Europe and the United Kingdom for further Free Trade Agreement (FTA) negotiations, to encourage investment in Australia and to discuss vaccine supply.

 

Mr Tehan will discuss the Australia-EU FTA with European Commission Vice President and Trade Commissioner Valdis Dombrovskis and the Australia-UK FTA with Secretary of State for International Trade The Rt Hon Liz Truss MP.

He will also meet with ministerial counterparts in Germany, France and Brussels to discuss vaccine production and the EU export restriction regime.

Mr Tehan will also co-chair the second Australia-France Trade and Investment Dialogue with Minister Delegate for Foreign Trade and Economic Attractiveness Franck Riester.

His first stop will be Geneva, where he will meet with the World Trade Organization Director-General Okonjo-Iweala to discuss WTO reform and updating global trading rules to benefit Australian businesses. He will also meet with World Intellectual Property Organization Director-General Daren Tang to discuss ways to support Australian businesses to protect their intellectual property rights internationally.

“Trade creates jobs, it supports economic growth and our standard of living, it promotes international engagement and collaboration and it’s mutually beneficial,” Mr Tehan said.

“Australia’s network of Free Trade Agreements comprises 15 agreements with 26 countries and now covers 70 per cent of Australia’s two-way trade, up from 26 per cent in 2013. Free Trade Agreements with the EU and UK would give Australian producers preferential access to more than 500 million consumers and that will translate to more jobs, growth, economic and trade opportunities and innovation in Australia.

“Our negotiations will uphold our commitment to rules-based trade and investment liberalisation while protecting our national interest. We are advancing negotiations with the EU and UK as we seek to finalise these agreements consistent with our national interest. I will also be discussing the supply of EU-produced COVID-19 vaccines that Australia has contracted and how we can work with the EU to enhance the global supply of vaccines.”