Australia's FTA's

Question 1

When was AUSFTA Implimented?

Answer 1

Jan 1 2005

Question 2

When was ChAFTA Implimented?

Answer 2

Dec 20 2015

Question 3

When was AANZFTA Implimented?

Answer 3

Jan 1 2010

Question 4

When was RCEP Implimented?

Answer 4

Jan 1 2022

Question 5

What does AUSFTA stand for?

Answer 5

Australia United States Free Trade Agreement

Question 6

What does ChAFTA stand for?

Answer 6

China Australia Free Trade Agreement

Question 7

What does AANZFTA stand for?

Answer 7

Asean, Australia, New Zeleand Free Trade Agreement

Question 8

What does RCEP stand for?

Answer 8

Regional Comprehensive Economic Partnership

Question 9

Give me a stat about tariffs regarding the AUSFTA

Answer 9

2/3 of agriculture exports to America became Tariff Free

Question 10

AUSFTA: How much did bilateral Trade increase by?

Answer 10

31bn (2005) to 65bn (2019)

Question 11

Where is america ranked for investmet into australia.

How much have australian’s invested in ameria?

Answer 11

Second Largest source of foriegn investment.

300bn

Question 12

Where is america ranked for Trade with Australia

Answer 12

4th 9.6% share of all trade

Question 13

How much have Australians invested into the US?

Answer 13

300 bn

Question 14

Why was the AUSFTA created? (4)

Answer 14

Strengthen the economic relationship between long-standing military and political allies

Provide preferential market access for Australian exports to the U.S. market

Encourage greater U.S. investment in Australia

Support broader strategic alliance between the two countries

Question 15

Advantages of the AUSFTA (5)

Answer 15

Immediate elimination of tariffs on 99% of U.S. manufactured exports to Australia

Phased reduction of tariffs on Australian agricultural products entering the U.S.

Improved market access for service providers

Streamlined customs procedures
Established framework for resolving trade disputes

Question 16

Disadvantages of AUSFTA (3)

Answer 16

Trade Diversion: reduced treade by 53bn with the rest of the world.

Limited access gains for Australian sugar producers (excluded from the agreement)

Potential negative effects on local Australian industries due to increased competition

Question 17

ChAFTA: China is Australia’s largest trading partner… what was the value of our trade in 23/24

Answer 17

327 bn

Question 18

Give me a stat about tariffs regarding ChAFTA

Answer 18

Eliminated tariffs on 95% of Australian exports to China

Question 19

How much did Bilateral Trade Increase by (ChAFTA)

Answer 19

40%

Question 20

Why was ChAFTA created? (5)

Answer 20

Capitalize on China’s growing economy and middle class

Secure preferential access for Australian goods and services

Facilitate greater investment flows between the countries

Position Australia advantageously as China liberalized its economy

Respond to similar agreements China was making with other countries

Question 21

Advantages of ChAFTA (5)

Answer 21

Eliminated or reduced tariffs on major Australian exports (beef, dairy, wine, wool, resources)

Enhanced market access for Australian service providers, especially in education, finance, legal, and tourism sectors

Increased investment thresholds for Chinese private investments in Australia

Created mutual recognition of qualifications and standards in certain sectors

Established mechanisms for ongoing collaboration and dispute resolution

Question 22

Disadvantages of ChAFTA (4)

Answer 22

Critics concerned about increased dependence on the Chinese market

Concerns about unequal environmental and labor standards

Worries about Chinese investment in Australian agriculture and critical infrastructure

Ongoing political tensions have affected the implementation of some ChAFTA provisions

Question 23

RCEP is the worlds largest trade agreement… what percentage of global GDP and population that it cover?

Answer 23

30%

Question 24

How many members does RCEP have? What are they?

Answer 24

15

Asean members (10)
Australia
NZ
China
Japan
South Korea

Question 25

What was RCEP created?

Answer 25

Consolidate and harmonize existing trade agreements in the Asia-Pacific Create a unified set of rules for trade across the region Counter growing protectionism globally Strengthen regional economic integration and supply chains Establish a platform for future economic cooperation Provide a counterweight to other regional trade blocs

Question 26

Advantages of RCEP (4)

Answer 26

Unified rules of origin across all 15 members, simplifying supply chains Elimination of tariffs on approximately 90% of goods traded Enhanced market access for services Mechanisms for ongoing cooperation and dispute resolution

Question 27

disadvantages of RCEP (4)

Answer 27

Less comprehensive than other agreements in areas like labor and environmental standards Limited liberalization in some sensitive agricultural sectors Concerns about increased economic dependence on China Geopolitical tensions may affect full implementation

Question 28

How many people does AANZFTA include?

Answer 28

650 Million

Question 29

What was the combined GDP of AANZFTA at signing?

Answer 29

4 Trillion

Question 30

How much has two-way trade between Asean and Australia/NZ grown since 2010?

Answer 30

from 45bn to 100bn in 2019 (more htan doubled)

Question 31

AANZFTA - eliminated tariffs of what % of exports to ASEAN countries

Answer 31

96%

Question 32

Why is AANZFTA such a good FTA for BoGS?

Answer 32

They are complementary economies

Question 33

Why was AANZFTA created?

Answer 33

Strengthen economic integration between ASEAN, Australia, and New Zealand Create a larger, more comprehensive trading bloc in the Asia-Pacific region Reduce barriers to trade across multiple countries simultaneously Support ASEAN's goal of regional economic integration Position Australia and New Zealand strategically in the growing Southeast Asian market

Question 34

Advantages of the AANZFTA (4)

Answer 34

Progressive elimination of tariffs across a wide range of sectors Simplified rules of origin and customs procedures Enhanced protection for investments Improved access for service providers

Question 35

Disadvantages of the AANZFTA (3)

Answer 35

Uneven implementation across different ASEAN member states Complex compliance requirements for businesses Competition challenges for some domestic industries