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Posted by Andrew Hudson
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2 July, 2026
ON 29 June 2026, DFAT convened an event at Parliament House to announce the release of the report by its 2040 Trade Taskforce entitled Towards 2040: Navigating Australia’s Trading Future.
Trade minister Don Farrell spoke at the event, thanking the taskforce for its work and summarising the findings in the report underlined by Australia’s commitment to the “Seven Pillars” of trade including a rules – based multilateral trading system, trade diversification and economic security, inclusive and fair trade and the importance of the use of AI and digital trade.
The report also included significant trade statistics highlighted by the finding that total two–way Australian trade reached a record $1.3 trillion in 2025.
On 30 June 2026 DFAT also convened its annual Peak Bodies Consultation Forum allowing engagement between DFAT, members of the taskforce and representatives of peak bodies.
The forum was addressed by assistant trade minister Tim Ayres which was followed by further discussion of the report, the seven pillars of trade and related initiatives as well as the ideas and concerns of the peak bodies.
I was pleased to attend both the report and the forum to represent both Rigby Cooke Lawyers and as a director of the International Forwarders and Customs Brokers Association of Australia.
I will include further details of the report and the consequences for industry in the next print edition of the DCN.
