Labor has moved to establish a Senate inquiry into the proposed Korea-Australia Free Trade Agreement (KAFTA).
Tomorrow the Senate will vote on a Labor motion to refer KAFTA to the Senate Foreign Affairs, Defence and Trade References Committee for inquiry and report.
The terms of reference require the committee to examine the proposed agreement with particular reference to its impact on Australias economy, and our trade, investment, social, cultural and environmental policies.
Critically, the committee will be asked to consider whether the proposed agreement is in Australias national interest.
Labor is disappointed that, despite the Prime Ministers December 2013 announcement that negotiations with the Republic of Korea had concluded, the Coalition Government is yet to refer the agreement to the Joint Standing Committee on Treaties.
The Senate inquiry will commence immediately and report within one month of the report of the Joint Standing Committee on Treaties concluding its report on the agreement.
This inquiry will provide stakeholders, including domestic industries set to benefit from reduced trade barriers, with an opportunity to put their views.
Labor is concerned to ensure KAFTA, and other bilateral trade agreements under negotiation, provide genuine market access, create jobs and furthers our national interest.