Labor welcomes the Federal Governments decision to release the text of the Korea-Australia Free Trade Agreement for public scrutiny before the bilateral trade deal is signed.
The key test that Labor will apply to the proposed agreement will be its effect on Australian jobs.
The Opposition has been calling for the text of the proposed free trade agreement with South Korea to be released to allow appropriate Parliamentary and public review.
Shadow Minister for Trade and Investment Senator Penny Wong said: Its good to see that the Government has listened to Labor and dropped its earlier refusal to release the text of the agreement before signing the deal.
Labor supports boosting trade with Korea, which is already Australias third biggest export market.
That is why we launched negotiations for a free trade agreement with Korea when we were in Government.
But the outcome of any trade negotiation needs to be carefully scrutinised to ensure that it is in Australias national interest, particularly in light of the challenges facing our manufacturing industry.
For Labor, the fundamental test for the trade deal which the Government has finalised with Korea will be its effect on jobs.
The trade agreement must provide genuine opportunities for Australian businesses to increase exports to South Korea in important sectors like agriculture, manufacturing and services.
Labor has also been concerned about the Governments decision to include an investor state dispute settlement mechanism in the Korean free trade agreement and will examine these elements of the text in detail.
Senator Wong said Labor would ensure there was full Parliamentary scrutiny of the proposed agreement. This would commence with Senate estimates hearings scheduled for next week.
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