Protection Flashcards
1
Q
Describe the features of two of Australia’s bilateral FTA’s (4)
A
The ChAFTA, or China Australia FTA signed in 2015, is a biltateral trade agreement which eliminates tariffs on 84% of Australia’s exported goods, which will increase to 99% by 2020.
Australian mining, exports, beef, whilst recently, all tariffs on dairy exports have been eliminated.
faciliates strong trading relationship with China (accounting for 37% of total exports and 23% of total imports as of 2017)
The Australia US FTA is a bilateral trading agreement signed in 2004
- There are no tariffs on 97.5% of exported goods and services in 2005
- Remaining tariffs on textiles and manufacturing were eliminated in 2015
- Estimated to have increased Australia’s GDP by 0.4% to 0.75 from 2005-2015.
- Increased quotas in the beef and dairy industries allow Australian exporters greater access to US markets.
