Singapore, Hong Kong, London And Frankfurt As An Rmb Hub

Australia’s entrustment to the UN, was told to stop its support for South Africa and obtain a position in support of Third World policies in the UN, Whitlam had made contact with the Government of the Chinese Republic, ending contravene and warfare between China and Australia. Whitlam was able to begin a personal understanding with the Chinese Prime Minister Chou En Lai during his first year of office. For Australia this was a first that an Australian Prime Minister was able to develop a close bond between the leaders of China. Diplomatic trade relation had been created with the

Since Australia’s first free trade agreement (FTA) with New Zealand in 1983, Bilateral and Multilateral FTA’s have been a great advantage and focus in securing economic prosperity for Australia. Australia’s two-way trade in goods and services was A$616 bn in 2012. Australia has seven FTAs currently in force with New Zealand, Singapore, Thailand, US, Chile, ASEAN (with New Zealand) and Malaysia. Together, these countries account for 28% of Australia’s total trade, which displays the great benefit of bilateral FTAs to the Australian economy. Additionally, there are four bilateral FTA negotiations currently in place, two of which are substantial trading partners; China, being Australia’s largest export market (A$78.7 bn) and Japan, being Australia’s second largest export market (A$49.8 bn). The Japanese Free Trade Agreement has been negotiated, and will be a great benefit to the Australian economy, especially the agricultural sector, for example tariffs on beef

The Asia-Pacific Economic Cooperation was founded in 1989 with the aim to manage the growing interconnection and trade between the 21 members and to improve the economic and political links. The APEC is assisting to reduce the costs of importing and exporting goods between the Asia-Pacific countries. The members of the APEC include Australia, Brunei Darussalam, Canada, Chile, China, Hong Kong-China, Indonesia, Japan, Republic of Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, Philippines, Russia, Singapore, Chinese Taipei, Thailand, United States, and Vietnam. Together these nations improve the trade between the Asia-Pacific. China still remains Australia’s biggest trading partner. Since Australia’s trade links with the Asia-Pacific have grown, trade accounts for over 42% of the GDP (compared to only 32% in 1990 when relations with the Asia-Pacific were not as strong). Australian trade policies and agreements are focussed primarily on the Asia-Pacific region as eight of the largest export markets are found there. Australia has realised that the Asia-Pacific region is the most important area for trade as geographically it is close and it holds manufactured goods that Australia needs. Members of the APEC now hold over 70% of Australia’s total exporting and importing of goods and services. The rise of China’s influence on the world due to such advances in technology has influenced Australia to trade more with countries around the Asia-Pacific. Australia’s continued trading with the Asia-Pacific has helped to push Australia’s economic

In 1987, Mulroney opened up negotiations that would eventually lead to the Free Trade Agreement (FTA) between Canada and United States. The FTA was signed on October 4th, 1987 in hopes of improving trade transactions between the two countries (see fig2).

The FTA would also improve productivity and availability of resources. This would push Australia in to being close to the leading economies of the world in the long-term view.

On the 8th of July 2014 the Prime Minister of Australia Tony Abbott and the Prime Minister of Japan Shinzo Abe signed the Japan-Australia Economic Partnership Agreement (JAEPA) (Japan-Australia Economic Partnership Agreement, 2016). This agreement has allowed for support in a two-way investment for both these countries. This agreement will bring the economies of both countries closer along their social relations (Japan-Australia Economic Partnership Agreement, 2016). Agreements like these have led to a more successful future for Australia and Japan along with more successful trading relationships with other countries. This can be seen today though agreements such as the Trans-Pacific Partnership.

In 1901, Australia’s Federation was concerned about the number of Chinese who made their way to Australia during the gold rushes, and ‘white’ Australia’s fear of being swamped by Asia. After the second World War, this perspective was a key element of Australia’s foreign policy. This fear of Asia was amplified once communism had grown to Asia and especially after 1949 when China had become a communist nation.

There are numerous reasons for the sudden decline in value of Australian currency, one of which is the renewed strength of the US dollar, due to the American economy’s acceleration through its recovery. However, there is the additional fact that the RBA has been cutting interest rates, resulting in Australia becoming a less attractive place for investors, as well as the continual impacts of deteriorating commodity prices

The expansion of new markets – foreign exchange and capital markets are linked globally. They operate 24 hours a day with dealings any where in the world possible in real time. Financial deregulation and the floating of the Australian dollar since 1983 intensified the impact of globalisation on the Australian economy.

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

In handling bilateral relationships, the Government often claims to have adopted an integrated approach taking into account the totality of Australian interests. But, a closer analyses of this claim reveals it would be almost impossible to meet the totality of Australia’s interests in any bilateral relationship and this is especially true of China which has such a different socio-political system. This close relationship continues to raise political questions for Australia to grapple with, such as her relations with Taiwan, Tibet and Chinese human rights issues. In some instances Australias interests will be confined mainly to trade and investment; in the more substantial bilateral relationships, the Government will implement comprehensive strategies

Australia 's US alliance is unquestionably its single most important security relationship. The security relationship between Australia and the U.S. was sealed with the introduction of the Australia New Zealand United States treaty (ANZUS) which was signed in 1951 (Taylor, 2016). The ANZUS treaty was instigated by the three nations to protect the security of the Pacific. Although New Zealand no longer holds security ties with U.S., the treaty is still in place and was the first of many formal alliances between Australia and the U.S. (Taylor, 2016).

Both countries are actively engaged economically, cultural and politically which spans numerous organizations such as APEC, East Asia Summit and the G20. Today, China is Australia's largest trading partner. China has invested in Australian mining companies to help meet the needs of its growing economy. Over 40 years of education exchanges, shared interests and strong policy foundations have contributed to the wide-ranging Australia-China education and research relationship. Australia is one of the key partners for China in education, research, and science and both countries are continuously exploring new frontiers of engagement.

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.

The development in the progress of China, India and Indonesia benefits Australia and contributes significantly to regional stability which extends opportunities for a successful and reciprocating business partnership instead of being aid dependent. Australia’s economical national interest is directly linked to the success, stability and peaceful interactions of its neighbours because these countries are also the first line of defence against many negative issues which could affect Australia (Department of Foreign Affairs and Trade 2016c). If these states remain to be wealthy and stable, they will respond better to efficiently to threats and complications in trade. In order to benefit from the trading relationships with the neighbouring countries, Australia needs to take advantage of the international economic opportunities and ensure we are focused on advancing in global economic, financial, investment and trade institutions. A globally integrated economy is crucial due to the growth which can be gained from an open trading system and foreign direct investment which secures our position in the economically advancing countries of the world and our own financial welfare (Wong 2017).