Australia is a country that thrives on international trade, and with its strategic location and abundance of natural resources, it has been able to establish free trade agreements (FTAs) with several other countries around the world. These FTAs play a critical role in promoting economic growth and creating new job opportunities for Australian citizens.
One of the most notable FTAs is the Australia-United States Free Trade Agreement (AUSFTA), which was signed in 2004. This agreement has been beneficial for both countries, with trade barriers being removed and businesses being able to access new markets. Furthermore, it has provided Australian businesses with a competitive edge, thanks to the elimination of tariffs on agricultural goods, textiles, and other products.
Another FTA that Australia has signed is the China-Australia Free Trade Agreement (ChAFTA), which came into effect in 2015. This agreement has been mutually beneficial for both countries, with China being Australia`s largest trading partner. The ChAFTA has made it easier for Australian businesses to access the Chinese market, and it has also allowed for the removal of tariffs on Australian exports, such as beef and dairy products.
The Australia-New Zealand Closer Economic Relations Trade Agreement (ANZCERTA) is another significant agreement that benefits both countries. This agreement was signed in 1983 and has since then provided for the free movement of goods, services, and people between Australia and New Zealand. It has also provided a framework for cooperation in several areas, including tourism, science, and technology.
The Singapore-Australia Free Trade Agreement (SAFTA), which came into effect in 2003, has also been instrumental in promoting economic cooperation between the two countries. The agreement has paved the way for the removal of tariffs on 90% of Australian exports to Singapore and 100% of Singaporean exports to Australia. It has also helped to encourage investment between the two countries.
Recently, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) has come into effect, which includes Australia, along with several other countries in the Asia-Pacific region. This agreement has created new opportunities for Australian businesses to expand their operations to new markets, including Japan, Canada, and Mexico.
In conclusion, Australia has several free trade agreements with countries worldwide, which have brought significant benefits to both sides. These agreements have opened up new markets for Australian businesses, promoted economic growth, and created new job opportunities for Australians. As the global economy continues to evolve, Australia`s commitment to international trade and cooperation is essential for its continued growth and prosperity.