Roundup: Australian Treasurer says yes to free trade, coy on Trump

Australia is doubling down on its commitment to free trade on Friday, with the ongoing A50 Economic Forum taking place in Sydney, attended by politicians and business leaders from around the globe.

The summit attended by investors representing over 17 trillion Australian dollars at the Sydney Opera House, is being used by the Australian government to highlight their pro-trade, pro-business hard sell to global investors.

At a press conference outside the event, Federal Treasurer Scott Morrison stressed the importance of free trade and Australia's continuing emphasis on the Asian market.

When asked about U.S. President Donald Trump's potential impact on global markets, Morrison remained positively coy on the issue.

"Well, we will have to see about what the policies are. What I do know is that the Trump administration, and I note that he's tweeted again today about some tax announcements he might be making in the next few weeks," Morrison told Xinhua.

"What President Trump is intending to do on tax rates if we don't move in the same direction as we are already seeking to do, then Australian jobs and wages will be stranded,"

Trump's intended investment in infrastructure in the United States could have a very positive impact for the global economy, particularly for Australian commodities, Morrison said.

But Morrison did stress that Australia is firmly committed to the notion of free trade, highlighted by his attendance at the economic summit, and said the reason Australia was prosperous at all was due to its willingness to embrace open markets.

"That's why we are a rich country today. And we need to continue those settings to ensure that the prosperity you and I enjoy today, is not denied to the next generations who will also rely on those policy settings (free trade) for their prosperity," Morrison said.

"We stand for open trade, when we pursue our trade arrangements, we do it with Australia first, to ensure our interests are represented."

Trade Minister Steven Ciobo, also at the event, joined the chorus and lent his words on free trade arrangements for Australia.

"Australia is open for investment, but it is open for investment on our terms," Ciobo said.

"We want to make sure that investment coming into Australia is consistent with our national interests - global investors know that Australia is a good place to invest, as part of a broader Asia play."

Many experts noted the increasing sense of uncertainty for investors after a number of knockbacks to certain large transactions, like the Ausgrid and the Kidman cattle holdings sales which both failed.

Ciobo insisted there is a non-discrimination policy in terms of the rules that apply to foreign investors.

However, another attendee at the event, former Trade Minister Andrew Robb told Xinhua that although there has been much debate over the barriers to investment in Australia, the figures show another side to the story.

"We have put through thousands of investments over the last 15 years, with three knockbacks, so I think that sounds pretty satisfactory," Robb said.

"I do think the balance is fairly good. I think we have got to make every attempt in Australia to explain the way in which Foreign Investment Review Board considers the national interest," he said. Endit