Australia, being a robust and thriving economy, has managed to secure free trade agreements (FTAs) with several countries across the world. These agreements have opened up avenues for Australian businesses to expand their reach, access new markets, and enjoy seamless trade relations with partner countries. In this article, we will take a closer look at the list of Australian free trade agreements.
1. Australia-United States Free Trade Agreement (AUSFTA)
The AUSFTA was signed in 2004 and came into effect in 2005. It was a landmark agreement for Australia and was the first FTA that Australia concluded with a major developed country. This agreement offers significant benefits to Australian exporters, especially in the agricultural and manufacturing sectors.
2. Australia-New Zealand Closer Economic Relations Trade Agreement (ANZCERTA)
ANZCERTA is a long-standing FTA between Australia and New Zealand. It was signed in 1983 and is one of the most comprehensive trade agreements in the world. The agreement has ensured seamless trade relations between the two countries, which share a significant amount of trade.
3. Australia-Chile Free Trade Agreement (ACFTA)
The ACFTA was signed in 2008 and came into effect in 2009. The agreement has reduced tariffs and other barriers on trade in goods and services between the two countries. This FTA has given Australian businesses access to the Chilean market, which is a significant market for mining, energy, and agriculture products.
4. ASEAN-Australia-New Zealand Free Trade Agreement (AANZFTA)
The AANZFTA was signed in 2009 and is a comprehensive agreement between ten ASEAN countries, Australia, and New Zealand. This agreement has created a free trade area covering a population of over 600 million people. AANZFTA has provided Australian businesses with access to a vast and growing market in Southeast Asia.
5. Australia- Japan Economic Partnership Agreement (JAEPA)
The JAEPA was signed in 2014 and is one of the most significant trade deals in Australia`s history. It has opened up significant opportunities for Australian businesses in the Japanese market. The agreement has reduced tariffs on a range of goods, including beef, wine, and dairy.
6. Australia-Korea Free Trade Agreement (KAFTA)
The KAFTA was signed in 2014 and came into effect in 2015. The agreement has enabled Australian businesses to expand their exports to South Korea, a market with a population of over 50 million. The agreement has eliminated tariffs on a range of goods, including beef, dairy, and wine.
7. Trans-Pacific Partnership (TPP)
The TPP, which was signed in 2016 but was later renamed the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), is a trade agreement between eleven countries, including Australia. This agreement is designed to promote economic growth, job creation, and sustainable development among member countries. The agreement has created a free trade area that covers a market of 500 million people.
In conclusion, the list of Australian free trade agreements is substantial and continues to grow as the country seeks to expand its international trade relations. These agreements have created significant benefits for Australian businesses, enabling them to access new markets and expand their reach. As a copy editor, it`s essential to highlight the importance of these agreements and how they impact the country`s economy and businesses.