Address to the DFAT Annual Peak Bodies Consultation

Speech, check against delivery 30 June 2026 National Press Club, Canberra Thank you very much everyone for coming. Today's consultation is a really important part of Australia's trade agenda, connecting with and listening to some of the key peak bodies who work in the trade space. So, I appreciate you coming and seeing the agenda I know you'll get a lot out of the great speakers on the list today.

We live in a time of intense geostrategic competition. International trade, and the architecture the underpins it, have become unpredictable. The trade impact of the closure of the Strait of Hormuz is a recent example.

Australians were confronted with an unavoidable reminder of the inter-connectedness of global supply chains at the petrol pump. Rapid evolutions in trade policy aren't just driven by geopolitics, though. The pace of technological change, particularly as AI transforms global industry, is so intense that it touches and changes trade, investment and industry every day, more so year by year.

So, there's a huge amount to talk about. Despite that challenging international context, Australia is still succeeding on many fronts, so much so that our total trade increased to a record $1.3 trillion last year. We've been very successful in pursuing a trade liberalisation agenda notwithstanding the headlines globally.

We know from the 2025 National Trade Survey that over two-thirds of businesses are looking for new opportunities in international markets with Southeast Asia and India leading the pack. And it has been a priority of this government to expand our network of Free Trade Agreements across our region and across the key markets of the world. The Australia-UK FTA entered into force in 2023 and two-way trade between Australia and the United Kingdom reached an all-time high of $51.6 billion in 2025.

Our FTA with India has seen two-way trade increase by nearly 68 per cent, excluding price volatile coal and diesel. Of this, agricultural exports have more than doubled, increasing by 139 per cent. And our services providers are winning too, with a 19 per cent increase in exports.

Our landmark deal with the United Arab Emirates, our first in the Middle East, has been delivering for our farmers, and our exporters, and I'm looking forward to peace and normalisation in the Gulf, enabling that trade to ramp back up again. And after 8 years of negotiations, we have concluded our Free Trade Agreement with the European Union. On entry into force, the value of Australia's trade covered by FTAs will rise to 88 per cent.

Australia and the EU will now undergo legal checks and undertake domestic processes required for signature. After the agreement is signed, Australia and the EU will undertake our own Parliamentary processes to ratify the agreement. For Australia, this will involve Parliamentary scrutiny of the treaty, and changes to Australian legislation to implement the deal.

These processes can take time, which means it could take up to two years before the A-EU FTA enters into force and key outcomes take effect. But we're going to work as fast as we can. We're also reviewing our network of free trade agreements in Southeast Asia and working to increase two-way trade and investment through our Invested Economic Strategy.

And to help businesses navigate growing global economic uncertainty, we have launched our $55 million Accessing New Markets Initiative. This initiative supports additional in-market trade advisors, enhanced presence at events, and new programs promoting our exports. It has already helped grow our presence at international expos supporting 180 businesses to take part in the China International Import Expo our largest national presence to date.

We've also funded a Trade Resilience Service, providing logistical information and expertise to our exporters impacted by the crisis in the Middle East. And at the WTO's 14th Ministerial Conference in March, we convened 67 Members to launch the interim WTO E-Commerce Agreement, which will bolster the global digital economy and make digital trade faster, cheaper and more secure.

We've pursued all of these agreements for one simple reason. While there is a lot of noise in trade policy these days, Australia is still working from the firm belief that open trade is a good thing. Australia is fundamentally a trading nation, trade and investment underpins prosperity, supports Australian jobs, and strengthens the economy delivering us one of the highest standards of living in the world.

It is something on which our national prosperity relies and it's a key ingredient for the prosperity of all countries. This perspective comes from a clear understanding of our national interests economic prosperity, security, and regional security. Free and open trade is essential.

So, while we are realistic about the tough environment in which we are operating, we will continue to press our case. We were disappointed when the United States forced labour section 301 investigation proposed a 12.5 per cent tariff on Australian exports. We will continue to press the United States the view that these tariffs and unjustified and unwarranted.

And we will do what we can to mitigate the pressure, and uncertainty faced by our exporters as a result of the tariffs, including supporting businesses through Austrade's dedicated US tariffs support page on the Go Global Toolkit. With the WTO under significant pressure, we will also continue to press for crucial reforms to ensure it can meet all Members' needs.

To that end, we welcome the WTO General Chair announcing an ambitious reform work plan for the rest of the year. As part of that process, we have already put forward Australia's views on how Members could approach improving WTO decision making and rulemaking procedures. Friends, despite the challenges ahead, we are embracing the world confidently, and with a sense of the potential that's out there.

In AI, renewable energy, in infrastructure, education and critical minerals, in services and talent, there is opportunity with partners old and new. Opportunity in our region to unlock growth, drive innovation and investment, and secure a stable future. Together we've got to do everything we can to make sure Australia's exporters have all they need to seize that future.

Good luck for your important discussions on these themes today.