Explain Trade Policy since 1990s.
Share
Lost your password? Please enter your email address. You will receive a link and will create a new password via email.
Please briefly explain why you feel this question should be reported.
Please briefly explain why you feel this answer should be reported.
Please briefly explain why you feel this user should be reported.
Explain Trade Policy since 1990s.
Since the 1990s, Australia has pursued a trade policy characterized by a commitment to open markets, free trade, and economic liberalization. This period has seen significant shifts in Australia's approach to trade, driven by changes in global economic dynamics, regional integration initiatives, and domestic economic reforms. Some key features of Australia's trade policy since the 1990s include:
Multilateral Trade Liberalization: Australia has actively participated in multilateral trade negotiations under the auspices of the World Trade Organization (WTO), advocating for tariff reductions, elimination of trade barriers, and rule-based trading system. Australia has sought to advance its trade interests through WTO agreements such as the Uruguay Round and subsequent Doha Development Agenda, while also engaging in plurilateral negotiations on issues such as services trade and environmental goods.
Bilateral and Regional Trade Agreements: Australia has pursued bilateral and regional trade agreements to expand market access, promote trade diversification, and strengthen economic ties with key trading partners. Significant agreements include the Australia-United States Free Trade Agreement (AUSFTA), the Australia-New Zealand Closer Economic Relations (CER) Agreement, and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which provide preferential access to markets in the Asia-Pacific region and beyond.
Trade Facilitation and Regulatory Harmonization: Australia has focused on improving trade facilitation measures, streamlining customs procedures, and enhancing regulatory coherence to reduce trade costs and facilitate smoother movement of goods and services across borders. Efforts to harmonize standards, regulations, and certification processes with trading partners aim to promote efficiency, transparency, and predictability in international trade transactions.
Services Trade and Investment: Australia has increasingly recognized the importance of services trade and investment in driving economic growth and competitiveness. Trade policy initiatives have aimed to liberalize services sectors such as finance, telecommunications, education, and professional services, facilitating cross-border trade and investment flows and promoting Australia's services exports.
Trade Promotion and Market Access: Australia has implemented trade promotion initiatives to support Australian businesses, exporters, and industries seeking to access global markets. Programs such as the Export Market Development Grants (EMDG) scheme, Austrade services, and industry-specific export assistance programs provide financial support, market intelligence, and export facilitation services to help Australian firms expand their international presence and competitiveness.
Overall, Australia's trade policy since the 1990s has been characterized by a commitment to market-oriented reforms, trade liberalization, and engagement in global and regional trade initiatives. By pursuing open, rules-based trade policies, Australia seeks to promote economic growth, job creation, and prosperity while fostering closer economic integration and cooperation with trading partners around the world.