Australia and the Multilateral System – Seizing the Opportunities: Address by the Minister for Trade on 28 February
The Minister for Trade, Simon Crean, reviewed Australia’s role in the multilateral trade regime and outlined the Government’s approach to trade policy at the Lowy Institute on 28 February 2008. Mr Crean spoke to a large audience, including business leaders and representatives from industry and the media. On an historic note, Mr Crean used the opportunity to commemorate the founding 60 years ago of the General Agreement on Tariffs and Trade (GATT), the forerunner of the World Trade Organization (WTO). Australia was one of the 23 founding members of the GATT.
In the context of the 60th anniversary of the GATT, Mr Crean emphasised that multilateral trade liberalisation via the WTO Doha Round was once again the central focus of Australia’s trade liberalisation efforts. He pointed out that it had taken eight successive – and often painstaking - rounds of trade negotiations to achieve the profound progress made in the world trading system, highlighting that:
- World trade growth has consistently outstripped world economic growth;
- Tariffs have been steadily reduced;
- The Uruguay Round of trade negotiations opened up trade in world agriculture and services and established a regime to deal with trade-related intellectual property rights; and
- The Uruguay Round also established the WTO’s dispute settlement system.
Mr Crean said a successful conclusion to the current round of trade negotiations, the WTO Doha Round, would help provide a much needed degree of certainty and a confidence boost to the global economic outlook. He added that he was encouraged by the political commitment displayed at the World Economic Forum in Davos earlier this year and considered the strength of this commitment would be apparent over the next few months. Mr Crean assured his audience that the Government would be making every effort to conclude successfully the current Doha Round, in order to continue to build and strengthen the WTO system.