Name
Neelum Athar
Roll No
10602
Assignment Of International Trade.
Submitted to Sir Amir Mustafa
Trade significance of australia:
The value of Australian goods and services exports has continued to rise. Exports
reached a record $403.2 billion in 2017-18, an increase of nearly 8 per cent over 201617. Australia's largest goods export is iron ore and tourism is the largest services
industry export
Salient features of trade in australia:
Australia is the world's largest exporter of iron ore.
Until the 1960s, Britain and the United States were Australia's main trading partners.
Today the emphasis of Australia's trade has shifted to Asia, with four out of five of
Australia's top trading partners located there. China, Japan, the United States and the
Republic of Korea are now Australia's largest trading partners.Australia has a very open
market with minimal restrictions on imports of goods and services.Major services
exports include education and tourism, and professional and financial services.
Australia and WTO:
Australia continues to push ahead with trade liberalisation–unilaterally, bilaterally and
multilaterally. This will strengthen international economic collaboration, reduce the risks
facing the global economy, and bolster growth. Australia plays an active role in the
WTO, APEC, the G20 and other trade related forums. Australia has also negotiated
bilateral and regional trade agreements with a wide range of countries to strengthen
trade and investment flows.Australian agriculture feeds 60 million people around the
world each year.Over 53,000 Australian businesses export their goods to the world.
Free Trade Agreements:
Australia has eleven free trade agreements (FTAs) in force, with eighteen countries.
Australia has signed FTAs with Indonesia, Hong Kong and Peru and is working towards
ratification of these agreements. Australia has ratified PACER Plus, a free trade
agreement that includes New Zealand and nine Pacific Island countries.
Around 70 per cent of Australia's two-way goods and services trade is with countries
with whom we have either an in-force or a concluded free trade agreement, based on
2018 trade data.
Australia Import:
Australia is an export nation, generating yearly exports of around $195 billion and
importing around $187 billion per year. The country has achieved a positive trade
balance of around $8 billion
Source:
1 https://www.dfat.gov.au/about-australia/australia-world/Pages/trade
2 https://www.icecargo.com.au/top-10-imports-exports/
.