Australia has been actively pursuing free trade agreements (FTAs) with countries around the world to enhance its economic growth and bolster its trade relations. Free trade agreements are designed to eliminate tariffs and other trade barriers between countries, enabling them to expand their respective economies by trading goods and services.
Currently, Australia has 14 free trade agreements in force with 18 countries. These agreements have helped Australian businesses to expand their markets and increase their exports, particularly in agriculture, resources, and services sectors.
Here is a list of countries that Australia has free trade agreements with:
1. New Zealand: The Australia-New Zealand Closer Economic Relations Trade Agreement (ANZCERTA) is one of the world`s oldest and most comprehensive free trade agreements.
2. Singapore: The Singapore-Australia Free Trade Agreement (SAFTA) came into force in 2003, providing tariff-free access to a wide range of goods and services.
3. Thailand: The Thailand-Australia Free Trade Agreement (TAFTA) began in 2005, enabling greater access to markets for goods and services.
4. United States: The Australia-United States Free Trade Agreement (AUSFTA) came into effect in 2005, providing tariff-free access to goods and services.
5. Chile: The Australia-Chile Free Trade Agreement (ACFTA) began in 2009, eliminating tariffs on a range of goods and services.
6. Malaysia: The Malaysia-Australia Free Trade Agreement (MAFTA) also kicked off in 2013, enabling greater access to markets for goods and services.
7. Japan: The Japan-Australia Economic Partnership Agreement (JAEPA) began operating in 2015, promoting free trade and investment between the two countries.
8. South Korea: The Korea-Australia Free Trade Agreement (KAFTA) was implemented in 2014 and provided unprecedented market access for Australian goods and services.
9. China: The China-Australia Free Trade Agreement (ChAFTA) was signed in 2015, reducing trade barriers and creating new opportunities for Australian businesses.
10. Peru: The Peru-Australia Free Trade Agreement (PAFTA) became operational in 2020, opening up new opportunities for Australian exporters.
11. Indonesia: The Indonesia-Australia Comprehensive Economic Partnership Agreement (IA-CEPA) was signed in 2019, creating new market opportunities for both countries.
12. Hong Kong: The Hong Kong-Australia Free Trade Agreement (HAFTA) began operating in 2020, promoting two-way trade and investment.
13. Pacific Alliance: Australia is part of the Pacific Alliance trade bloc, which includes Chile, Colombia, Mexico, and Peru.
14. Trans-Pacific Partnership: Australia is also part of the Trans-Pacific Partnership (TPP), which includes 11 other countries, including Japan, Canada, and New Zealand.
In conclusion, Australia has established a strong network of free trade agreements with countries around the world, giving Australian businesses unprecedented access to global markets. With these agreements in place, Australia`s trading relations are set to continue on a positive trajectory for years to come.