Australia Essay Research Paper AustraliaINTRODUCTIONAustralia island continent — страница 6

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noticeably. Traditionally, Australia’s exports have been sold in the US, Japan and the industrialised nations of Europe. In recent years, however, trade to the industrialised countries has grown modestly relative to trade directed at the industrialising countries of Asia. Between 1988 and 1992 Australian exports to Asian markets grew from $US17.7 billion to $US25.7 billion, an increase of 45 per cent in five years. Along with the change in the direction of trade has been a transformation in the composition of trade which is evident in exports to the US. The largest area of Australian export growth to the US is no longer in the traditional area of primary products, such as foods, minerals and fuels, but is now in manufactured goods. While total exports to the US fell slightly

between 1989-90 and 1993-94, manufactured exports rose strongly, particularly Elaborately Transformed Manufactured goods which increased at an average annual rate of 11 percent. Exports of electrical machinery and appliances to the US increased from $A37.2 million in 1989-90 to $A115.2 million in 1993-94. Over the same five year period, exports of parts and accessories for office equipment and computers grew from $A87.6 million to $A306.1 million. Principal exports to the US from Australia in 1993-94 included: Meat of bovine animals ($A1,004 million) Passenger motor vehicles ($A151 million) Aircraft and associated equipment, spacecraft, satellites and parts ($A259 million) Parts and accessories for computers and office equipment ($A306 million) Wool and animal hair ($A167

million) Prospects for Future Trade Although fundamentally strong, the trading relationship between Australia and the United States is not always smooth. There are long-standing concerns over access to US markets, particularly for key Australian agricultural products. Since the US introduced quotas on sugar imports, Australian sugar exports to the US have dropped 15 percent. Access to the US market for Australian beef is at its lowest level since 1983 as a result of the Meat Import Law. Australia is also concerned over the impact of US agricultural export subsidies on Australian exports to third countries, particularly for wheat, barley, malt and dairy products. Removal of US trade barriers and trade-distorting practices is not only in the interest of Australian exporters, but

also recent studies have identified substantial benefits to US industry and consumers from such action. A report by the United States International Trade Commission, released in November 1993, concluded that simultaneous US liberalization of significant US import restraints would result in a net economic gain of $US19 billion to the US economy. Consistent with the large trade and economic relationship between Australia and the US, both countries are in continual contact. The trade policies of both parties are well known to the other and contentious issues have usually been aired through Bilateral Agricultural Trade Consultations (held biannually) and the annual Ministerial level Trade and Investment Council which had its inaugural meeting in June 1993. Over the last decade,

Australia has taken substantial steps to open the nation’s economy through micro-economic reforms and significant tariff reductions. While some had worried that freer trade would hurt Australian business, in fact over the past ten years, while the effective rate of assistance to Australian manufacturing has fallen around 50 percent, Australian manufactured exports have increased by 23 percent. Australia has worked closely with the US in multilateral forums to address trade liberalisation and economic issues, notably the Uruguay Round of GATT trade negotiations and through the Asia Pacific Economic Cooperation (APEC) process. Trade plays a vital role in the economic well-being of both the US and Australia. While the nations’ economies are very different in scale, both rely

heavily on trade to fuel economic growth. Australia and the US are committed to liberalising trade and instituting the most efficient system of global trade rules. The United States is Australia’s second largest trading partner. Total trade between the US and Australia grew by 4.2 percent from 1992 to 1993 to $A19.1 billion and prospects for continued growth are strong. With regard for each other’s interests and recognition of the benefits of liberalised trade, there is scope for further significant trade expansion and still closer economic ties between the United States and Australia. Trade Highlights of 1993-94 Overall merchandise trade The growth in current dollar merchandise trade slowed during 1993-94 - exports increased by just over six per cent while imports grew by