Modern Australian
Men's Weekly

.

There's a lot we don't know about the UK trade agreement we are about to sign

  • Written by Patricia Ranald, Honorary research fellow, University of Sydney

We’re being told about the new Australia-United Kingdom Free Trade Agreement, but not a lot about most of what’s in it.

After an in-principle agreement overnight, Australia released a five-page summary.

Australian farmers will benefit from tariff-free access to the UK for limited amounts of Australian beef, lamb, sugar and dairy products to the UK (but will have to wait ten years for the full elimination of tariffs). Australian consumers will benefit from immediate zero tariffs on products like UK whiskey and cars. Longer working holiday visas may be available for citizens from both countries.

It will take at least a month for the deal to be finalised and signed, and only after the signing will the Australian public see the full text and a parliamentary committee be given the right to inquire into it but not change it.

This secrecy continues what’s become something of a tradition — one that has attracted the ire of the Productivity Commission which in 2010 recommended the government commission and publish an independent and transparent assessment of future free trade agreements “at the conclusion of negotiations but before an agreement is signed”.

The parliament’s joint standing committee on treaties (the same one that will examine this agreement) began inquiring into the system mid last year and took many submissions, but still has not reported.

As many as 30 unseen chapters

The timing of the deal is driven by the UK’s post-Brexit desperation to sign one-on-one agreements and the greater prize of being part of the 11-nation Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) including Japan, Australia, Canada, New Zealand, Vietnam, Singapore, Malaysia, Brunei, Mexico, Chile and Peru which the UK has applied to join.

Like the CPTPP, the Australia-UK Free Trade Agreement is likely to have as many as 30 chapters, some of which restrict the ability of governments to regulate in fields including medicines, essential services and data privacy.

There's a lot we don't know about the UK trade agreement we are about to sign UK Trade Minister Greg Hands. Brian Minkoff/Shutterstock

UK trade minister Greg Hands said last month he wants the deal to include investor-state dispute settlement (ISDS) provisions of the kind excluded from the Australia-European Union current trade talks, and from the Regional Comprehensive Economic Partnership recently signed with Japan, China, South Korea, New Zealand and the 10 ASEAN countries.

The provisions would allow UK firms to sue Australian governments in international tribunals over decisions they believed infringed on their interests in a way Australian firms cold not.

In return Australian firms could sue UK authorities in a way UK firms could not.

But UK companies are more frequent users of ISDS, having launched 90 recorded ISDS cases, the third most after the US and the Netherlands. Australian companies have launched nine.

Defending the idea in the House of Commons, Hands said the UK had “never lost an ISDS case”.

There are now 1,104, known ISDS cases with increasing numbers against health and environment laws, including laws to address climate change and to protect indigenous rights.

Australians remember that the US Philip Morris tobacco company used an obscure Hong Kong investment agreement to sue Australia for billions over our plain packaging law.

Read more: Last to know: the EU knows more about our trade talks than we do

It took the international tribunal almost five years to decide that Philip Morris was not a Hong Kong company as it had claimed. Australia had to pay $12 million in legal costs.

ISDS rules in the Australia-UK treaty would give UK mining companies such as Rio Tinto the right to claim compensation for new laws to protect Indigenous heritage areas, and UK aged care companies such as Bupa the right to claim compensation for new regulations arising from the Aged Care Royal Commission.

Longer pharmaceutical monopolies

The UK has also said in its negotiating objectives that it wants to preserve its “existing intellectual property standards” which include rules that provide for longer data protection monopolies on medicines than Australia has.

The UK also supported this demand as a member of the EU before Brexit when it was published by the EU as part of the ongoing EU-Australia FTA negotiations.

Pharmaceutical companies already have 20 year monopolies on new medicines.

Read more: Planned trade deal with Europe could keep medicine prices too high

The UK has an additional “data protection” monopoly of up to ten years before data is released enabling production of cheaper competitors.

The current Australian standard is five years. Adopting the UK standard would delay the availability of cheaper medicines, costing Australia’s Pharmaceutical Benefits Scheme hundreds of millions of dollars per year.

Unless the text is released before it is signed, we won’t know whether ISDS and longer medicine monopolies are part of the deal.

The Australian government should release the text for public scrutiny and independent assessment of its costs and benefits before it is signed, so that we are able to see what is being traded away before it’s too late.

Authors: Patricia Ranald, Honorary research fellow, University of Sydney

Read more https://theconversation.com/theres-a-lot-we-dont-know-about-the-uk-trade-agreement-we-are-about-to-sign-162841

Physiotherapy Strategies for Improving Independence in Daily Living

For many individuals living with permanent and significant disabilities, the concept of "independence" is not about a total absence of support, but ra...

Mobile Patrol Security vs Static Guards: What’s Best for Brisbane Businesses?

Business security is very nuanced; a cookie-cutter approach doesn’t necessarily always work in a city like Brisbane. The bigger the city, the more...

Your Home Needs Regular Maintenance — And More Than Most Think

Why Regular Home Maintenance Is More Important Than Most Homeowners Think For many Australians, the home is more than just a shelter; it is the mos...

Roof Painting Jimboomba: Protect and Transform Your Home

Your roof plays a crucial role in protecting your home from the harsh Australian climate. Over time, exposure to sun, rain, and changing weather con...

Residential Electrical Services: Reliable Solutions for Adelaide Homes

Electrical systems play a vital role in keeping your home safe, comfortable, and functional. From lighting installations to switchboard upgrades and...

Leaking Shower Repair Perth: Fix Hidden Water Damage Before It Gets Worse

A leaking shower might seem like a minor issue at first, but over time it can cause serious structural damage to your bathroom and surrounding areas...

Full Mouth Rehabilitation: A Comprehensive Dental Solution for Patients Seeking Advanced Care Abroad

Dental health plays a vital role in overall well-being, confidence, and quality of life. For individuals experiencing extensive dental issues such a...

Fertility Treatment in Australia | Expert Reproductive Care

One of the most significant journeys in life is the formation or the development of a family. To most couples and individuals, conception, however, ...

Professional Bathroom Builders Sydney: What Defines Professional Standards

Professional bathroom builders in Sydney operate within a regulated construction environment that prioritises safety, compliance, and structural durab...

Retail Cleaning Creating Welcoming and Professional Store Environments

First impressions matter in retail, and cleanliness plays a powerful role in shaping how customers perceive a store. Retail cleaning focuses on mai...

Why Year 12 Tutoring Plays A Crucial Role In Academic Success

The final year of school is one of the most demanding periods in a student’s academic journey, which is why year 12 tutoring has become an essent...

Legal Remedies Available in a Breach of Contract Case

When a contract is broken, the consequences can affect cash flow, reputation and ongoing business relationships. A breach of contract may occur when...

Long Weekend Camping in the Yarra Ranges: Three Weekends of High Country Adventure

Yarra Ranges National Park, Victoria. Image by Mattinbgn (talk · contribs), CC BY 3.0, via Wikimedia CommonsVictoria’s Yarra Ranges offer keen trav...

Why Waste Management Solutions Are Essential For Modern Businesses

Managing waste responsibly has become a critical priority for organisations of all sizes, which is why waste management solutions play such an impo...

The Importance and Varieties of Ride-On Mower Tyres

Ride-on mowers are built to manage larger lawns with consistency and control. The quality and design of ride on mower tyres play a critical role in ...

Gain Peace Of Mind: The Undeniable Benefits Of A Ready First Aid Kit

Life in our vibrant communities, whether it's the bustling city or the quiet country town, is full of unexpected moments. From a scraped knee on the...

The Most Common Conveyor System Issues in Manufacturing

In modern manufacturing, conveyor systems play a central role in keeping production lines efficient, consistent, and cost-effective. When they operate...

How to Secure a Long-Term Rental in a Competitive Market

The rental market can be unpredictable and may present challenges if you’re not prepared. Initially, you might submit numerous applications and stil...