Australia is committed to an early launch of a new round of world trade negotiations, but prospects for a launch this year are uncertain. The US and EU both remain publicly committed to working towards a new round launch. But it is not yet clear whether either of these two major players is prepared to make the compromises necessary for success, including to persuade developing countries that their concerns are being addressed. The benefits of world trade liberalisation As a major trading and exporting region, the NT has as much, and possibly more, to gain from substantial liberalisation of world trade than other states and territories. On a per capita basis, the Territory exports around four times the national average.
Trade is a major contributor to the impressive growth rate of the Northern Territory economy.
The Northern Territory shares with most of regional Australia a disproportionate reliance on international trade for promoting prosperity and job creation. The importance of trade to regional Australia is something I have stressed on many occasions. This is not a new idea, but it seems to be forgotten or ignored in some quarters where protectionist sentiment has taken hold. If such thinking were to be followed through, that would only be regional Australia's loss in the long run. I understand how such thinking has its roots in the changes wrought by globalisation of the international economy in recent years, which has placed some industries under considerable pressure.