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Trade

Trade. Australian Foreign Policy and Trade. Economics has traditionally been linked to Foreign Policy. DFAT is an example of this. (Department of Foreign Affairs and Trade) Economic matters were given the same importance as foreign affairs. The Australian Economy.

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Trade

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  1. Trade

  2. Australian Foreign Policy and Trade • Economics has traditionally been linked to Foreign Policy. • DFAT is an example of this. (Department of Foreign Affairs and Trade) • Economic matters were given the same importance as foreign affairs.

  3. The Australian Economy • Australian GDP in the mid 1990s was less than 5% of America’s. • Now:

  4. The Brits • Phase 1 – British are most important trading partner. • “Men, Money and Markets”

  5. Phase 2 • After WWII trade increased with nations outside the British Empire at a great rate. • The US, NZ, newly independent Asian states (Indonesia, Singapore, Malaya). • “Japanese Economic Miracle”: occupied by the US after WWII, Japan introduced reforms to their economy to bring it in line with the west, capitalist economies.

  6. Phase 3 • Trade with major Asian powers (Japan, China, Korea, etc) becomes a much larger slice of Australian Economic Activity. • Deregulation of the Australian Economy (lowering tariffs). • Floating the Australian Dollar. • ASEAN. • APEC.

  7. FTAs and Internationalism • FTAs introduced with the US, others currently being negotiated with Japan, China, etc. • Aus also takes a very prominent role in International Trade organisations • WTO • G20 • GFC – Aus emerges with one of the strongest western economies. This is due to what? • (Article from The Drum)

  8. Multilateralism • Australia has moved towards multilateralism with more involvement in APEC and similar bodies. • It was thought that Australia had to pursue their national interests through regional and multilateral channels when Britain was moving away from unilateral trade. • Australia decided to reduce tariffs on goods into Australia by 25% in 1973. • This had a mixed reaction.

  9. Multilateralism • Some blamed the recession that followed Whitlam’s government on this decision. • Fraser, however, continued with market liberalisation, and became a spokesman for freer global trade. • Hawke and Keating governments also sought to prioritise economic objectives. • Floating of the Australian dollar in 1983.

  10. Protectionism • Australia committed itself to multilateralism, but barriers to free trade were still around. • Aus protected it’s own manufacturing industry. • USA and EU unwilling to reduce protection in their agriculture sectors. • “Cairns group of agricultural exporters” founded by Hawke.

  11. Tasks • Define ‘protectionist’ and give some examples of protectionist policies. • Why do some governments employ protectionist policies? • What are the benefits and drawbacks of such a policy?

  12. Howard… • “Liberal Rule” DVD

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