Announcement date
6 September 2022
Link to announcement
https://www.aph.gov.au/Parliamentary_Business/Committees/Joint/Treaties/JISDR
Problem being addressed
A strong and effective WTO is essential for Australia’s national interest and future prosperity but the WTO faces significant challenges. Multilateral rule-making and reform have largely stalled, leading some critics to argue that the organisation is unable to address current trade challenges in the modern geo-political landscape.
Proposal
Implementing the Domestic Regulation Joint Statement Initiative, by modifying Australia’s WTO GATS schedule alongside the 68 other participating WTO Members, will improve the business environment, and reduce costs and uncertainty for Australian services exporters. This will provide critical support to the sector, which represents a significant proportion of Australian exports, to recover from the sharp decline resulting from the COVID-19 pandemic. It will also signal Australia’s support for rule-making through the WTO and reinforce the WTO’s role at the centre of the rules-based international trading system.