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AUSTRALIAN ECONOMY & TRADE.
Term Paper ID:23467
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Essay Subject:
Effects of General Agreement on Tariffs & Trade, World Trade Organization, U.S. & regional trade policy on Australian economy.... More...
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7 Pages / 1575 Words
18 sources, 23 Citations,
APA Format
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Paper Abstract:
Effects of General Agreement on Tariffs & Trade, World Trade Organization, U.S. & regional trade policy on Australian economy.
Paper Introduction:
GATT & THE WTO: EFFECTS ON AUSTRALIA’S ECONOMY
This research examines the effects of GATT (General Agreement on Tariffs and Trade) and the WTO (World Trade Organization) on Australia’s economy. GATT represented an effort to open the markets of the world to freer trade through the reductions or elimination of tariffs and other imposed impediments to trade (Niblett, 1995, pp. 74-77). Following the Uruguay Round of the GATT negotiations, sufficient progress had been made to persuade the member countries to form the WTO as a successor to GATT and as a permanent organization to monitor and regulate global trade (Niblett, 1995, pp. 74-77).
The Uruguay Round more than doubled (from 20 percent to 44 percent) the share of non-agricultural imports by industrialized countries that wil
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China, Australia to expand trade andinvestment ties. (1994, 13 June). The agreement also stipulates that WTOmembers must phase out selective safeguard arrangements such as voluntaryexport restraints ... Totaltrading volume between the two countries is projected to exceed A$6 billionfor all of 1994. movement procurement, civil aviation, bovine meat, and dairy products(Niblett, 1995, p. Additionally, China has indicated a desire toincrease trade with Australia as a means of decreasing Chinese dependenceon the United States and Western Europe as sources of goods and technology(Bangsberg, 1994, p. 75). One such policy is privatization, where the first target companywas Quantas Airways (Hill, 1994, pp. While the United States pursues an APEC agreement in the name of freertrade on a wide scale, the actual intent of American policy is to establishand American advantage in international trade. The Australian government is targeting Pacific Basin economies as aprime strategy to improve Australian competitiveness in global markets.The Australian Wheat Board, as an example, has initiated a move intoPacific Basin economies that emphasize feed grains as opposed to wheatsupplies (Pugh, 1994b, p. Daily News Record, 24(143), 12. GATT & THE WTO: EFFECTS ON AUSTRALIA'S ECONOMY This research examines the effects of GATT (General Agreement onTariffs and Trade) and the WTO (World Trade Organization) on Australia'seconomy. Chinese President Jiang Zemin stated that China is readyto raise trade and economic relations between the two countries to a newlevel. Members of the WTO can no longer choose the areas where theyparticipate, but must accept all GATT provisions with just four exceptions... Financial deregulation and thedynamics of money, prices, and output in New Zealand and Australia. The monetary initiatives did not yield all of the desiredeconomic outcomes. Australia is a global trading nation; however, the country had beenturning its focus increasingly towards Asia and the Pacific. This state of affairs creates a situation wherein thereis little incentive for the majority of Australia's manufacturing firms toperform research and development. Re-creating Quantas. Orden, D., & Fisher, L. Mixed signals from on high. ASEAN is a regional economic developmentorganization that is composed of five members: Indonesia, Malaysia, thePhilippines, Singapore, and Thailand. ; andtrade related investment measures. (1993, 15 June). Under NAFTA, virtually all tradebarriers between the United States, Mexico, and Canada will be eliminatedby 2 3, creating a single, unified North American market of 36 millionpersons (Magnusson, 1992, pp. Australia is keen to boost exports ofwildlife to Asia. (1993, May). A. That thetwo conflicting actions made American trade policy an oxymoron appears tohave been lost on President Bush. Journal of Commerce and Commercial, 4 (28236), 6B. Holman, R. Astrategy suggested by the Australian government for Australian industry isthe establishment of joint ventures between Australian and ASEAN-basedfirms to qualify Australian products for tariff reductions within the ASEANfree trade area. Journalof Money, Credit, and Banking, 25, 273-292. 31-33). AsianBusiness-Hong Kong, 3 (5), 44-46. Multinationals are offered both tax an non-taxincentives to invest in the country, low-interest loans for the purchase ofland and factories, and incentive payments for the production of specifiedproducts (Delphos, 1993, p. The agreement extended GATT "competence over threeincreasingly important areas of the world trading system: the trade inservices ... 74-77). Asian Wall Street Journal Weekly, 16(24), 6. The Australiangovernment is aiding the country's natural gas producers in domesticinvestment to improve transmission and construct pipelines. (1994, 27 July). Australia shifts grain focus in Asianmarket. (1993, July). L. The Australian government also is negotiating with Thailand toopen that country's banking, insurance, and telecommunications sectors toAustralian companies (Corben, 1993, p. Pugh, W. 5A). Australian exports of meat to Mexicoshrivel under NAFTA. (1992b, 9 April). Hill, L. Gazard, D. Pugh, W. Australia also hasinitiated a program wherein game meat from Australian wild life will beexported in greater quantities to Pacific Basin economies (Witcher, 1994,p. The Australiangovernment is providing similar assistance to the country's petrochemicalsector. (1994, May). FarEastern Economic Review, 156(46), 16-17. A further problemfacing the WTO is how to incorporate China into the system. Government anticipates golden decade for gas.Gas World International, 199(49 2), 31-33. European and Japanese attitudes are asself-contradictory as are those of the Americans. 74). Primarily, the United States and the EuropeanCommunity continue to accuse one another of maintaining unfair subsidiesand enforcing artificial barriers to trade, while, at the same time,remaining committed to their own subsidies and artificial trade barriers.A case in point is the statement by former President Bush to the Australianparliament. 74). (1994, 29 April). Interest ratesdropped further to nine-percent in August 1993, where they remained throughOctober 1993. 24-25). ; the protection of intellectual property rights ... Johnstone, B. The WTO must continue negotiations on the unresolved issues oftelecommunications, commercial aircraft subsidies, and trade in audiovisualservices. The APEC meeting occurred largely at the urging of Australia, becausethe Australian government recognizes that mid-level economies such as thatof Australia must have relatively free access to international markets.Freer trade on such a broad scale, however, may be difficult to attain ifGATT is considered as an example. The use of anti-dumping duties must be "stemmed before thesereplace tariffs as the barrier of choice among a growing range of countriesseeking to protect domestic producers. While efforts at increased regionaleconomic integration continues, the member countries of GATT remain unableto settle their differences. (1994, May). 5A). Free trade? Uncommon bonds. China is already the foremost international purchaser of Australian wool(Scholes, 1994, p. 44-46). (1994b, 31 May). NAFTA is a case in point.NAFTA became effective on 1 January 1994. 74-77). The balance of trade. Australia woos multinationals. (1993, 18 November). Air Transport World, 31(5),74-77. Far EasternEconomic Review, 155(14), 4 -41. The broad measure of the money supply in Australia increased4.3 percent over the 12-month period, while the M-1 measure increased by11.4 percent. Spurring investment in the land down under.Global Trade and Transportation, 113(7), 2 . All existing and new international GATT trading rules now areimplemented and administered through a single institutional framework...theWTO. Niblett, R. 16-17). 273-292). Magnusson, P. ASEAN common tariffs. Financial sector deregulation was implemented in Australia in 1992 and1993 (Orden & Fisher, 1993, pp. Fitzgerald, S. (1994, 3 June). 6B). Journal of Commerce and Commercial, 396(27998), 4A. 12). The President made this statementon a stop-over on his way to Japan, where he intended to berate theJapanese for their import restrictions against American products. The Australian Department of Industry, Technologyand Commerce is intent on pursuing an interventionist approach to motivateindustry, however, the Australian Department of Treasury and financeprefers to rely on market forces (Johnstone, 1992b, pp. Australia has already been hurt byNAFTA, as meat exports to Mexico have dropped to just 1 percent of pre-NAFTA levels because of greater tariff-free competition from the UnitedStates (Pugh, 1994a, p. A6). The Uruguay Round more than doubled (from 2 percent to 44 percent)the share of non-agricultural imports by industrialized countries that willbe free of duties. The removal of tariffs for inter-regional manufactured products within the ASEAN free trade area that becameeffective in 1994, however, threatens Australian exports, as Australianproducts are not qualified for tariff reduction (Gazard, 1994, p. Corben, R. and the procedures for dispute settlement have beenstrengthened considerably" (Niblett, 1995, p. The Australian government has launched initiatives other than monetarypolicies to improve the competitiveness of Australian products in globalmarkets. Witcher, S. The principal Pacific Basin target of the international economicinitiatives of the Australian government is the People's Republic of China. The agreement also drew the two most contentioussectors in world trade, agriculture and textiles, into the WTO structurethrough "tariffication" of agricultural price supports and an agreement toabolish the Multifibre Arrangement on textile trade by 1 January 2 5(Niblett, 1995, p. One industrial policy that has been agreed upon, however, is theprovision of incentives to lure additional multinational firms to Australia(Holman, 1994, p. China is foremost purchaser of Australianwool for '93/'94. Journal of Commerce and Commercial, 4 (28244), 4B. (1992, 14 September). As a consequence, research anddevelopment accounts for less than one-half of one percent ( .45 percent)of the country's GDP. Delphos, W. The Asia-Pacific Economic Cooperation (APEC) forum, which held its first meeting inSeattle, Washington in November 1993, represents an attempt to extend freertrade throughout the Pacific Basin area (Awanohara & Chanda, 1993, pp. Australian feed grains are more competitivein international markets than is Australian wheat. Getting runs on the board. Weiss, E. Following theUruguay Round of the GATT negotiations, sufficient progress had been madeto persuade the member countries to form the WTO as a successor to GATT andas a permanent organization to monitor and regulate global trade (Niblett,1995, pp. Bangsberg, P. Closer to home, Australia also must contend with the Association ofSouth East Asian Nations (ASEAN). Management Today,74-77. Afterabsorbing Hong Kong in 1997, China will be the world's fourth largestexporter and its continued exclusion from world trade rules would lead to adeepening of complex bilateral arrangements" (Niblett, 1995, p. 4 -41). (1995, December). K. Scholes, W. (1994a, 1 June). The primary target markets are China, Taiwan, Korea, and Japan.The game meat includes kangaroo, crocodile, fox, rabbit, water buffalo, andwallaby. (1992a, 9 April). Both GATT and the WTO have caused Australia to develop a strongertrade focus toward Asia and the Pacific. Johnstone, B. (1994, 5 May). GATT represented an effort to open the markets of the world tofreer trade through the reductions or elimination of tariffs and otherimposed impediments to trade (Niblett, 1995, pp. Monetary policy emphasizedinterest rates and money supply management. 36-38). Interest rates (as reflectedin the prime commercial rate) were stable at 1 percent from November 1992through March 1993, when they dropped to 9.5 percent. Journal of Commerce and Commercial, 4 (28239), 5A. T. The President told the Australians that the United States hadno intention of abandoning its agricultural subsidies, or of relaxingimport restrictions on Australian beef. 2 ). One resultof this disagreement is a somewhat muddled industrial policy. ... They can hardly wait.Business Week, (3283), 24-25. WallStreet Journal, A6. In 1993, Chinese exports toAustralia exceeded Australian exports to China by A$ .28 billion; however,Australian exports to China increased by 55.7 percent in 1993, whileChinese exports to Australia increased by only 29 percent in 1993. Australian-Chinese trade increased 4 .5 percentin 1993 over 1992 levels to A$4.8 billion. 4B). The ASEAN member states as a groupconstitute a larger trading partner for Australia than does the EuropeanCommunity (Fitzgerald, 1994, pp. A continuation of suchpolicies and positions will, indeed, bring about a compartmentalizedeconomic world by 2 . Over the long-term, this focuslikely will be profitable for Australia. FarEastern Economic Review, 155(14), 36-38. One problem for the Australian economy is that approximately two-thirds of the country's manufacturing firms are foreign-owned (Johnstone,1992a, pp. The WTO must also tackle thegrowing sense in the West that the lack of global environmental standardsand standards for workers' rights provides less developed countries ...with an unfair trading advantage over OECD countries. 74-77). Journal of Commerceand Commercial, 4 (28215), 5A). Pacific Basin countries are also being targeted for increased exportsof Australian natural gas (Weiss, 1994, pp. 4A). (1994, March). US to ask Thais for increased access toservice sectors. 74). Don't knock Oz's moves toward Asia. REFERENCES Awanohara, S., & Chanda, N. 6).
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