Adopting the changing scenario in trade market, Gillard Government amended the Australian Trade Policy in order to reform the Australian economy. It is closely related to free and open trade policy. The trade Minister Craig Emerson said that they are doing home work for healthy trade policy and rapid economic reform. According to Trade Policy Statement of Australian Government, “Sound Trade Policy and solid economic reform work hand-in-hand.”
Moreover, PM Gillard has given words that Australia is always open for free trade and also ready to lead the global economy on the way of growth and prosperity. The recent trade policies are the strong signal to prove this statement.
The current Australian Trade policy focuses on five major points such as:
• Australia follows the pace of ongoing trade policies and economic reform policy without looking at other country’s trade policies.
• Australia never discriminates between countries for trade negotiation and conference.
• Australia openly complies with the foreign trade policies.
• Australia becomes transparent in free trade agreement and negotiations.
• Australia strongly takes decisive action to execute the trade policies and for economic reform.
On the basis of these trade policies, Australian government keeps searching the international market opportunities. Australia is planning to expand its trade in nine Asia-Pacific countries with the help of Trans-Pacific partnership by following multilateral trade system. And homework for bilateral trade are carried out by negotiating with various countries like Japan, Korea, India, China, Malaysia, Indonesia and other Gulf Countries.
Moreover, Gillard government will be able to maintain healthy trade relationship with foreign countries, applying current trade policies. However, Australian economy is following the trade liberalization in present days. But the Australian financial body is still waiting for the future result of current trade policies and even ready to adopt the changing economic scenario according to global business environment.
The Government’s trade policies are logically focused on the multilateral trade negotiations and trade agreements which include:
• Multilateral trade agreements provide the largest benefits;
• Regional and Bilateral trade agreements should not go beyond the multilateral system;
• The general public of the country will be well apprised about trade negotiations and agreements as well as its opportunities and challenges.
A report of the Productivity Commission reveals that the trade policy statement accepted the nine recommendations out of 10, which was about bilateral and regional trade negotiation and agreements. But it will follow the Productivity Commission’s remaining recommendations partially. But the modification of current strategies still depends on future performance.
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