International Free Trade Agreements
Australia’s International Trade Agreements
In the simplest of terms,international free trade is the total absence of government policies or agreements restricting the import and export of goods and services. The opposite of free trade is protectionism, a highly-restrictive trade policy intended to eliminate competition from other countries.
In the real world few efforts to actually implement pure free-trade policies have ever succeeded. The law of Comparative Advantage theorizes that all countries will always benefit from cooperation and participation in free trade.
Free trade agreements also provide a mechanism for the facilitation of trade in goods & services, they are international treaties that reduce barriers to trade and investment, most industrialized nations have in place free trade agreements (FTAs), or have negotiated multinational pacts which allow for, but regulate tariffs, quotas, and other trade restriction.
What are the current Free Trade Agreements ?
Australia currently has agreements with individual countries and groups of countries which provides
- better Australian access to important markets.
- an improved competitive position for Australian Exports.
- more prospects for increased two-way investment.
- reduced import costs for Australian businesses and consumers alike.
- new or better access to markets for services exports.
- guarantees of existing services access in some areas.
- reduced regulatory barriers in different service sectors.
- improving mobility for business travel.
- enhanced protections and certainty for investors.
Australia has trade initiatives or trade agreements with the countries listed below.
- Australia-New Zealand (ASEAN)
- Canada Australia (CANATA)
- China-Australia (ChAFTA)
- Australia-Chile (ACl-FTA)
- Developing Country Preferential Rates
- Forum Islands (Including Fiji)
- Korea-Australia (KAFTA)
- Japan-Australia Economic Partnership (JAEPA)
- Malaysia-Australia t (MAFTA)
- Australian New Zealand Closer Economic Relations (ANZCERTA)
- Singapore-Australia (SAFTA)
- Thailand-Australia (TAFTA)
- Trans-Pacific Partnership (CPTPP)
- Australia-United States (AUSFTA)