Car industry endorses Gulf deal
FTA talks with Gulf 'a crucial advance'A planned free trade agreement (FTA) with Persian Gulf states is crucial to competitive access for Australian-made vehicles to that market, Toyota Australia says.
Trade Minister Warren Truss announced on Friday Australia would begin talks immediately to establish an FTA with the Gulf Cooperation Council (GCC), comprising Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates.
The GCC is the largest market for Australian exports of motor vehicles, mostly Holdens and Toyotas, and a valuable market for a range of agricultural goods, metals and services.
Toyota Australia president Ted Okada said the government's decision to begin talks would provide further opportunity for export growth in the region for Australian car manufacturers.
"The agreement is crucial to maintaining our competitive access for our vehicles into the GCC market and enable continued growth and local industry benefits," Mr Okada said in a statement.
He said that, in 2006, Toyota exported almost 80,000 cars, worth $1.5 billion in export revenue.
With the addition of the V6 Aurion sedan, exports are expected to reach 90,000 cars during 2007.
"More than 65 per cent of Australian Camry and Aurion vehicles made at Toyota's Altona plant are lefthand drive vehicles bound for the region, including Saudi Arabia, Kuwait, Bahrain, Oman, Qatar and the United Arab Emirates," Mr Okada said.
Mr Truss said the GCC, which is aiming to achieve a common internal market by 2007, is currently engaged in FTA negotiations with a number of its trading partners.
Source: AAP 2006
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