Another prospect is Australia’s mineral resources. Australia is predicted to be holding much of iron ore, coal etc. This means that we are on top of vast resources that can be sold to other countries. Japan would benefit as it purchases a large amount of our coal and iron ore. This advantage could also be used to lever a FTA with the Japanese. The infinite capabilities of Japanese technology would allow Australia to keep up with the world in many areas. Of course, most of these are technologically related.
Australia has also experienced a rising terms of trade to 130.0 in late 2011 due to the commodities boom as a result of the industrialization of the BRICs, whereby Australia has experienced high export and national income, but has resulted in less competitiveness in other sectors due to the high AUD, causing the ‘Dutch disease’ whereby non-commodity sectors lose competitiveness. Similarly is can be seen in its narrow export base whereby in 2012-13 one third of export revenue came from coal and iron ore ($96 billion from 300 billion), furthermore 57% of Australian export revenue is made up of mineral and energy exports, whereby Australian growth has been largely fuelled by commodity exports and mining boom.
Foreign investment has allowed the Australian economy to thrive cutting unemployment, doubling the country’s wealth and reducing national debt. Australia has leveraged trade to its advantage, with mining and other industries taking advantage of the fast-growing Chinese economy. Australia removed most trade tariffs and opened its banking to foreign partners, creating a successful investment climate.
China is one of the biggest countries along with Thailand and Japan who make goods for Australia. Being Australia’s third largest merchandise trading partner and seventh largest service export market in 2003, China might significantly affect the Australian economy through any changes made to its trade policies. A more liberal Chinese trade policy could increase Australia’s income in part through greater market access for its exports. Of every hundred dollars of national
It is derived from the demand of Australia's residents for foreign goods, services and assets.
The EU and Australia end the negotiations for economic and trade cooperation supplying. Australia is the most important economic and trading partner for the EU, China and Japan. The EU and Australia are like-minded partners who share many common concerns in today’s global trade environment , for instance initiative for further rebel trade in green goods, trade in services, and others.
This essay analyses the Australian-China bilateral relationship since 1945 and in particular its political significance to Australia. Many global factors have influenced this relationship, including the advent of the Cold War, the Korean War, the Vietnam War and the collapse of the Soviet bloc European nations. In addition, internal political changes in Australia and China have both affected and been affected by the global changes. It will be analysed that Australia’s bilateral relationship with China has always had a sharp political edge but that approaching the new millenium economics and trade considerations are shaping Australias and for that matter Chinese politics.
With a GDP of over $1 trillion USD, the Australian economy is among the largest in the world (Cornett and Saunders, 2014). Australia is trading partners with the United States, China, and Japan, but their economic ties are mainly centered in the Pacific Rim. Exports are crucial to the country’s GDP and this has created problems regarding sustainability in the Australian economy.
Australian trade direction changed from UK to Japan and then switched to China recently followed by the growth of Chinese economy. Between 2012 and 2013, agricultural products worth $38,268 million in total were export to the top country - China.
The second key national interest of Australia is the economy. Australia’s capital, jobs, standards of living, technological innovations and social advances rely substantially on exports and commodity values within Southeast Asia and the Pacific (Department of Foreign Affairs and Trade 2016a). The stability of South East Asia and the Oceania
The Australian government has many objectives in trading with Japan; external stability, sustainable economic growth, etc. Australia may gain external stability as in recent; the Japanese economy had been facing challenges over its energy policy, as well as other external risks. Australia is a major beneficiary of that issue as the Japanese government is encouraging firms to help assure energy and commodity supplies through increased investment in overseas natural resources. A sustainable economic growth may also be gained through trading with Japan.
Asia Pacific Economic Cooperation (APEC) is the pre-eminent economic rally in Australia’s region. APEC’s goal is to drive an extensive trade and investment liberalisation and facilitation agenda. It is focused on structural reform as a means of raising competitiveness and the efficiency of trade and investment flows. It has helped Australia with building and strengthening ties with other countries such as Brunei, Singapore, Philippines and other countries in the region. In 2009, 70% of Australia’s trade is with APEC countries.
This report is the analysis of two Australia 's trade partners China and India. It will explore and deliver a suggestion which country should the company choose to move in taking into consideration relevant economical factors leading towards repatriating 80 percent of the
Australia’s main trading partners are China, Japan, the United States, Republic of Korea and Singapore. Nearly half of Australia’s trade activity in terms of imports and exports are with these 5 countries alone. Particularly with the recent growth of the Chinese economy, Australia’s chief trading partner, the country has seen growth in its exports. However very recently the growth of the Chinese economy has been slowing which is a risk to Australian exports.
importing or exporting, it exposes them in other ways. In 2010, when China experienced high