Customs Amendment (Regional Comprehensive Economic Partnership Agreement Implementation) Bill 2021

The Customs Amendment (Regional Comprehensive Economic Partnership Agreement Implementation) Bill 2021 is a crucial piece of legislation that seeks to implement the Regional Comprehensive Economic Partnership Agreement (RCEP) in Australia. The RCEP is a free trade agreement between 15 countries in the Asia-Pacific region, including Australia, China, Japan, South Korea, and New Zealand. The agreement aims to boost trade, investment, and economic cooperation among the member nations.

The Customs Amendment Bill seeks to amend the Customs Act 1901 to allow for the implementation of the RCEP in Australia. The bill will provide for the tariff reductions and liberalisation measures agreed upon in the RCEP. It will also enable the Australian Customs and Border Protection Service to manage the import and export of goods in line with the RCEP requirements.

The Customs Amendment Bill will have a significant impact on Australian businesses, particularly those involved in trade with other RCEP member nations. The bill will facilitate the movement of goods between member countries by removing or reducing trade barriers. This will make it easier and cheaper for Australian businesses to export to the RCEP countries and import goods from them.

The RCEP is expected to generate huge economic benefits for Australia. The agreement will create a market of around 2.2 billion people with a combined GDP of $26 trillion. It will facilitate trade worth around $186 billion between the member nations by 2030. This will provide significant opportunities for Australian businesses to expand their exports and enter new markets.

The Customs Amendment Bill also includes provisions to protect Australian industries and jobs. The bill ensures that the tariff reductions and liberalisation measures provided for in the RCEP are implemented in a way that does not harm Australian industries. It also includes provisions to prevent the abuse of the agreement by unscrupulous businesses.

In conclusion, the Customs Amendment (Regional Comprehensive Economic Partnership Agreement Implementation) Bill 2021 is a critical piece of legislation that will enable the implementation of the RCEP in Australia. The bill provides for the tariff reductions and liberalisation measures agreed upon in the RCEP, which will provide significant opportunities for Australian businesses to expand exports and enter new markets. The bill also includes provisions to protect Australian industries and jobs, ensuring the benefits of the RCEP are realised in a way that benefits the Australian economy.