Agreements for the Future Development of Australia’s Trade

Subject: Economics
Pages: 2
Words: 286
Reading time:
< 1 min

AUSFTA was signed in 2004 between the Howard government of Australia and the United States of America. It was a kind of bi-lateral free trade treaty for ensuring conducting of trade smoothly between these two countries. With the continuous efforts of Australia to soothe the setbacks from GATT and other problems, in 1986, the Cairns Group consisting of 13 other nations, convened at the Uruguay Round to promote agricultural free trade. As a result of this, the Asia Pacific Economic Cooperation forum (APEC) was formed in 1989. It is a positive sign for these nations for consultation and trade liberalization for their major economies. The ASEAN-Australia relationship will cause remarkable developments in the Australian economy in the coming ages. With the intensifying relations and growing recognition, this association has some common interests for the progress of the economy as well as peace and stability with the Asia Pacific region. The above-mentioned three organizations will help Australia in developing the nation and reforming its economy to a great extent.

With the formation of AUSFTA, APEC, and ASEAN, Australia has become one of the most developed countries in terms of economic and political means. These associations were the foundation stones for Australia for ensuring the country’s free trade with other developed nations. Being a cent percent trade-dependent country, it needed support from associations like AUSFTA, APEC, and ASEAN for implementing some favoring policies that protect the national interest. Australia got a significant position in world trade only due to the efforts made by these associations. Let the Australians hope that day would definitely going to come that would give an identity to Australia as numero uno among the successful countries.