Second Reading Speech
Ms O'NEIL (Hotham - Minister for Home Affairs and Minister for Cyber Security)I move:
That this bill be now read a second time.
The Customs Amendment (Australia-United Kingdom Free Trade Agreement Implementation) Bill 2022 amends the Customs Act 1901, known as the Customs Act, to implement the Free Trade Agreement between Australia and the United Kingdom of Great Britain and Northern Ireland, known as the agreement.
The agreement will bring both commercial and strategic benefits. The United Kingdom is the world's fifth-largest economy and our fifth-largest two-way trading partner, with A$31.8 billion in goods and services traded in 2020. The agreement will deliver preferential market access for Australia's key exports, providing important diversification opportunities and removing barriers that were impeding trade while the United Kingdom was a member of the European Union. It will also improve certainty for exporters and importers, service suppliers and investors across the whole economy.
The agreement will facilitate a strong and resilient economic recovery from COVID-19, while reducing the vulnerability of Australia's trade and investment to future crises. It will enhance Australia's economic engagement with the United Kingdom through strengthening trade rules that will help build upon our already healthy trading relationship.
The amendments contained in this bill will insert into the Customs Act the rules of origin and document retention requirements called for by the agreement. Those amendments outline when imported goods may be considered to have originating status and be eligible for preferential tariff treatment. Complementary amendments to the Customs Tariff Act 1995 are required to provide for those preferential rates of customs duty.
The Joint Standing Committee on Treaties is currently considering this agreement and is scheduled to report in mid-November. This bill is being introduced now to give parliament more time to consider the amendments required to implement this agreement.
I commend the bill to the House.
Debate adjourned.
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