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Example research essay topic: Asia Pacific Region World Trade Organisation - 2,078 words

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Trade and investment Australia's export structures have changed considerably over the past 15 years. Although trade in commodities remains strong, new services and sophisticated manufacturing export markets have emerged. Merchandise exports were valued at $ 86 billion in 1998 - 99. During the same year, Australian exports of services totalled $ 26 billion. Exports recorded seven per cent average annual growth in the five years to 1998 - 99.

They now account for 20 per cent of GDP, compared with around 15 per cent in the mid- 1980 s. Japan remains Australia's largest single export market, buying one-fifth of total merchandise exports. The United States and Korea each account for eight per cent of exports, and New Zealand for six per cent. The United Kingdom, Taiwan, China, Singapore, Hong Kong and Indonesia are all significant export markets.

Australia's imports are dominated by manufacturing. The two largest import items in 1998 - 99 were cars and computers, accounting for seven and five per cent respectively of total merchandise imports. Supplier of advanced manufactures Australia is generating new strengths as a supplier of advanced goods and services. Over the 1990 s, exports of elaborately transformed manufactures (ETMs), with high levels of value-adding, have grown at an average annual rate of 14 per cent, well above the growth rate for these products in Japan and Germany.

Products such as components for mechanical and electronic equipment, as well as assembled motor cars, have recorded strong growth in the last decade. Australia is also developing a new competitive edge in high-technology exports, such as scientific and medical equipment, telecommunications, software and aerospace products. Australia maintains its position as a leading exporter of major commodities. Key commodity exports in 1998 - 99 include coal (valued at $ 9. 3 billion), iron ore ($ 3. 8 billion), wheat ($ 3. 4 billion), beef and veal ($ 2. 9 billion), petroleum and other gases ($ 1. 7 billion) and cotton ($ 1. 6 billion). In the last 50 years Australia has become a world leader in scientific instrumentation, nanotechnology, solar engineering, astronomy, immunology and drug design. (ACIO) At the same time, the degree of processing which Australian exports undergo has been steadily increasing, reflecting the increasing sophistication of Australia's export mix and higher levels of value-adding of raw materials in Australia.

Unprocessed foods, fuels, minerals and other primary products declined from 46 per cent to 37 per cent of merchandise exports between 1988 - 89 and 1998 - 99. Export diversification Reforms within the Australian economy have helped make it more flexible and responsive to change. During the recent East Asian economic crisis, for example, exporters diversified into new markets in North America and Europe, as well as in the Middle East and South America. In 1998 - 99, merchandise exports to Saudi Arabia grew by 95 per cent, to Egypt by 71 per cent, to Mexico by 46 per cent and to Chile by 39 per cent. Export growth to East Asia recovered considerably towards the end of 1999, signifying a positive export outlook for 2000. Education, professional, communications, insurance and financial services exports totalled $ 8. 4 billion in 1998 - 99.

Tourism now accounts for 14 per cent of Australia's total export earnings and is Australia's leading services export item (see p. 49). Australia is a leading exporter of major commodities. Trade priorities Australia has a strong interest in the removal of barriers to investment and trade in goods and services. The White Paper on Foreign and Trade Policy identifies Australia's main trade priorities as: domestic reform improving bilateral relations improving the regional framework for trade strengthening the international trading system and promoting exports. Australia places a high priority on achieving further liberalisation at three levels - through bilateral relationships, with Asia Pacific Economic Cooperation (APEC) and with the World Trade Organisation (WTO). At a bilateral level, the Australian Government has worked to build trust with countries in the region, and to reach mutually beneficial outcomes.

APEC is the central focus of the Government's regional strategy. As the only forum that brings together the world's major trading nations, the WTO provides the most effective means by which broad-based trade reform can be achieved. The WTO's third Ministerial Meeting in Seattle in December 1999 failed to reach agreement on an agenda for a further round of trade negotiations. Australia will continue to support efforts to launch a new round of negotiations covering all sectors. In the interim, Australia will work to ensure that progress is made in the mandated negotiations on agriculture and services. As one of the world's most efficient agricultural producers, Australia has a particularly keen interest in ensuring that trade in agricultural goods is liberalised along with trade in other areas.

In order to promote the liberalisation of agriculture, Australia founded the Cairns Group of Fair Trading Agricultural Exporters in 1986. The Cairns Group has proven to be an effective force for liberalisation in a sector that continues to be subject to disproportionately high levels of protection. One of Australia's key goals over the coming years is the establishment of stronger links between the Australia New Zealand Closer Economic Relations Trade Agreement (CER), Australia's economic relations agreement with New Zealand and the ASEAN Free Trade Area (AFTA). A task force to examine the feasibility of establishing an ASEAN-CER free trade area by 2010 was formed in October 1999. Australia is represented on the task force by former deputy Prime Minister and Trade Minister, Mr Tim Fischer. On the domestic front, Australia has taken significant steps to open its own economy further.

Tariffs have been reduced to five per cent or less in almost all sectors, quotas have been eliminated and non-tariff barriers significantly reduced. The increasingly open nature of the Australian economy has been complemented by a sustained program of domestic restructuring and a sound macro-economic policy. Foreign investment Australia recognises that international investment is a key aspect of international trade, and welcomes investment, subject to certain basic rules. Many Australian firms are substantial investors in other countries, and Australia has long maintained a position as a net capital importer, drawing on foreign savings to allow faster development of domestic resources. Considerable investment continues in export-oriented mining and energy projects. Foreign investment in Australia in 1998 had reached $ 571 billion, of which $ 253 billion came from members of APEC.

Australian investment abroad totalled $ 249 billion, with $ 135 billion invested in APEC countries. Invest Australia, the Australian Governments national investment agency, promotes Australia as an investment location, facilitates major projects and provides a wide range of services to companies seeking to establish or invest in operations in Australia. Foreign investment by Australian companies overseas is vital to the global corporate strategies of many Australian companies. Australian companies have foreign investments valued at over $ 250 billion, the bulk of which are located in the United States, the United Kingdom and New Zealand. Export finance The Export Finance and Insurance Corporation (EFIC), Australia's official export credit agency, complements the private sector by providing a specialised range of insurance, guarantee and finance facilities not normally available commercially. In particular, EFIC serves small- to medium-sized enterprises whose low export turnover make them less attractive to the private sector.

In 1998 - 99, it supported exports totalling $ 7. 6 billion (or about seven per cent of Australia's exports). APEC The APEC forum was established in Canberra in 1989 as an informal group of 12 economies whose objective was to promote economic cooperation in the Asia Pacific region. It has since developed into the region's premier economic organisation, its membership now numbering 21 economies covering North and South America, East Asia and Oceania. APEC members represent a region of over two billion people and account for around half the world's trade. APEC's work is about generating exports, increasing economic growth and creating jobs. It seeks to achieve this by promoting more open markets for trade and investment and making it easier to do business in the region by, for example, simplifying administrative procedures relating to trade and making different national systems more compatible.

APEC is also helping to build the institutional capacity of developing country members and is playing a role in dealing with some of the problems that led to the Asian economic crisis. In addition to its economic focus, APEC provides an important mechanism for Asia-Pacific leaders to discuss current regional and international issues at their annual meeting. Australia is an active member of APEC and is committed to achieving APEC's goal of free and open trade and investment by 2010 in industrialised APEC economies and 2020 in developing ones. Implementation of these goals will result in significant improvements in access to regional markets for Australian exporters and investors.

Currently, over two-thirds of Australia's goods and services exports go to other APEC economies while around 70 per cent of Australia's imports come from APEC countries. Austrade - the Australian Trade Commission - is the Australian Governments export and investment facilitation agency. Austrade helps organisations throughout the world do business with Australia and Australian companies increase their exports. Due to Australia's geographic location and the orientation of its trade and strategic interests, the Asia Pacific region has long been the focus of its foreign policy. But as a country with a prosperous and diverse economy, a technologically advanced society, and a long history of strong commitment to liberal democratic values, Australia also looks beyond the region to play an active role in the development of solutions to global economic, social and strategic problems.

In August 1997, for the first time in its history, the Australian Government took the decision to set out explicitly the principles and priorities in Australia's international policies in the White Paper on Foreign and Trade Policy. The paper looked at the major opportunities and challenges facing Australia in its international relations over the coming 15 years. The two fundamental trends in the international environment that affect the development of Australia's foreign and trade policies have been identified as globalisation and the economic and political rise of East Asia. To meet those developments, Australia's policy framework combines elements of continuity and change, including: reaffirmation of the Asia Pacific region as Australia's highest foreign and trade policy priority development of Australian interests in other regions, in line with Australia's global role recognition that the most fundamental means of promoting Australia's national interests lies in developing bilateral ties with other nations selectivity in the pursuit of multilateral diplomacy, with most effort given to the issues that most closely engage Australia's national interests active pursuit of Australia's trade interests at the bilateral, regional and multilateral levels, with particular emphasis on the promotion of trade and investment liberalisation in forums like the World Trade Organisation and APEC. In line with the emphasis given to Australia's ties with the Asia Pacific, and reflecting the weight of trade and strategic interests, four relationships have particular importance for Australia - those with the United States, Japan, China and Indonesia, Australia's largest neighbour. These countries also include the most powerful economies in the region.

Australia also has significant interests in its relationships with the ASEAN states and the Republic of Korea, and growing links with South Asia. The significance of Australia's engagement with its region was dramatically evident in Australia's reaction to the East Asian economic crisis, and to developments in East Timor - on both occasions, Australia acted speedily and effectively to help achieve equitable outcomes. Historically, Australia has developed close ties with New Zealand, Papua New Guinea, and the other island states of the South Pacific. Australia places great emphasis on the need for foreign and trade policies to be informed and guided by the values of the community it represents. In Australia's case this means drawing on its strong traditions of liberal democracy which have been uniquely fashioned in its tolerant and multicultural society. This is reflected in Australia's absolute rejection of racial discrimination and its strong commitment to, and effective pursuit of, human rights and sustainable development.

Australia participates in United Nations and other international forums relating to the status and advancement of women, children and indigenous peoples. More broadly, Australia is active in multilateral diplomacy and has been a consistent supporter of the United Nations Charter and the work of the UN's various agencies. Australian Truce Monitors Sari Sutton and Barbara Wymarra share some time with youngsters at Area on Bougainville. (Department of Defence) Australia has long been active in int...


Free research essays on topics related to: export markets, world trade organisation, free trade area, economic crisis, asia pacific region

Research essay sample on Asia Pacific Region World Trade Organisation

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