The Australia free trade agreement (FTA) is a set of agreements between Australia and other countries that aims to promote free trade and investment opportunities. These agreements are designed to eliminate trade barriers such as tariffs and quotas, which ultimately encourage economic growth and prosperity.
Currently, Australia has free trade agreements in place with numerous countries. In this article, we will explore some of the major countries with whom Australia has established free trade agreements.
1. China
The China-Australia FTA was signed in 2015 and has since been an essential agreement for both countries. The agreement eliminates tariffs on many agricultural products and services, including beef, dairy, and wine.
2. Japan
The Japan-Australia Economic Partnership Agreement (JAEPA) was also signed in 2015, which is Australia`s second-largest trading partner. The agreement removes tariffs on a wide range of agricultural and industrial goods, including beef, wine, cheese, and machinery.
3. Korea
The Korea-Australia FTA was signed in 2014 and benefits both countries significantly. Under the agreement, tariffs were gradually eliminated on many agricultural goods, including beef, lamb, and seafood.
4. Singapore
The Singapore-Australia FTA is the most comprehensive free trade agreement that Australia has signed with any country. The agreement covers many areas, including trade in goods and services, investment, and intellectual property rights.
5. United States
The United States is one of Australia`s largest trading partners, and the Australia-United States Free Trade Agreement (AUSFTA) was signed in 2004. The agreement eliminates tariffs on various products, including beef, wine, and machinery, and creates opportunities for businesses in both countries.
In conclusion, the Australia free trade agreement is a vital aspect of Australia`s economy and helps to facilitate trade and investment opportunities with other countries. By eliminating trade barriers, these agreements open up new markets for Australian businesses, driving economic growth. Australia`s free trade agreements with China, Japan, Korea, Singapore, and the United States are just a few of the many agreements that benefit both Australia and its trading partners.