The release of Pivot: Diversifying Australia's Trade and Investment Profile today by the Joint Standing Committee on Trade and Investment Growth rightly highlights the need to broaden Australia's trade base to reduce reliance on any one market.
Broadening our customer base will improve the security of demand for Australia's industries, just as security of supply is vital for countries with which Australia trades.
In this context, it is important to note that Australia's resources sector is not overexposed to China. For example, when iron ore is excluded from our trading profile, China only represents 15 per cent of Australian resource exports.
Australia's resources sector is also assertive in expanding trade with our long-standing partners across Asia, Europe and North America while seeking out and establishing new markets, particularly with ASEAN countries.
Our nation also exports a wide array of commodities including the metals and minerals which are propelling global decarbonisation.
The development of trade requires a deep and broad understanding by governments of industry and economic policies which can guide and support opportunities in trade, investment and co-operation.
The MCA has been a long-term advocate for free trade and trade expansion and diversification through trade and investment agreements which can help build and maintain strong and enduring government to government connections.
Challenges to global and multilateral trade regimes in recent years highlight major shifts in the global strategic, political and economic environment, changes which have been accelerated by COVID-19 and present both risks and opportunities to industries and exporting businesses in Australia.
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