Australian Free Trade Case Study
Aussie companies to do it easier in Asia
Student Number: 00026711T
Lecturer: Tim Beaty
Essay topic: International Free Trade
Word count: 1,480
Every day Australia and Australians benefit from international trade. Australia has a population of only 22 million people and trade generates a global market of a growing seven billion. All around the world people are consuming Australian food and using locally produced products, whether it be operating computers with Australian software or drinking Australian wine. While many economists and organisations adopt and support the benefits of a free trade agreement (FTA), there are groups that promote the concept of ‘fair trade’ and disapprove free trade. Such groups classify free trade …show more content…
He believes it will help guard Australia against any protectionist "surges" in the midst of the global economic crisis.
"This will keep trade flows open in the region, increase growth, and give a much-needed boost to confidence," Mr Crean said.
The FTA also paves the way for the start of a renewed focus on bilateral agreements with ASEAN member nations.
Australia has an FTA with Thailand and is negotiating with Malaysia. It is poised to start negotiations with Indonesia after ministers received a joint feasibility study last week.
As part of the deal, Australia has also agreed to give market economy status to Vietnam.
China sought - and was granted - market economy status as part of its FTA negotiations with Australia.
Many developing countries seek market economy status because it ensures they are investigated under normal World Trade Organisation regulations if they are accused of dumping cheap goods into other countries.
Mr Crean said Vietnam had come a long way since the start of its economic reforms in
Student Number: 00026711T
Lecturer: Tim Beaty
Essay topic: International Free Trade
Word count: 1,480
Every day Australia and Australians benefit from international trade. Australia has a population of only 22 million people and trade generates a global market of a growing seven billion. All around the world people are consuming Australian food and using locally produced products, whether it be operating computers with Australian software or drinking Australian wine. While many economists and organisations adopt and support the benefits of a free trade agreement (FTA), there are groups that promote the concept of ‘fair trade’ and disapprove free trade. Such groups classify free trade …show more content…
He believes it will help guard Australia against any protectionist "surges" in the midst of the global economic crisis.
"This will keep trade flows open in the region, increase growth, and give a much-needed boost to confidence," Mr Crean said.
The FTA also paves the way for the start of a renewed focus on bilateral agreements with ASEAN member nations.
Australia has an FTA with Thailand and is negotiating with Malaysia. It is poised to start negotiations with Indonesia after ministers received a joint feasibility study last week.
As part of the deal, Australia has also agreed to give market economy status to Vietnam.
China sought - and was granted - market economy status as part of its FTA negotiations with Australia.
Many developing countries seek market economy status because it ensures they are investigated under normal World Trade Organisation regulations if they are accused of dumping cheap goods into other countries.
Mr Crean said Vietnam had come a long way since the start of its economic reforms in