Australian Economic Relations

Australian Economic Relations

Introduction

China's trade with Australia can be traced back to the late nineteenth century. After the founding of New China, the non-governmental trade had not been interrupted. Since the establishment of diplomatic relations between the two countries in 1972, the two economies continue to strengthen exchanges and cooperation. In recent years, Sino-Australian economic and trade cooperation between the two countries had close contacts with frequent interaction. In 2003, the two countries signed the Sino-Australian trade and economic cooperation framework agreement to promote bilateral mining, agriculture, services, investment, intellectual property protection, and other 16 areas of cooperation, the two start-Australia FTA negotiations in 2005, is now in progress the 11 negotiations. The bilateral economic and trade relations have maintained a good momentum of development.

Discussion

According to Chinese statistics, in 2007, the Sino-Australian bilateral trade growing steadily, the import and export of goods amounted to $ 43.85 billion, an increase of 33.1% from 2006. Among them, China's exports to Australia $ 18 billion, an increase of 32.1%; imports from Australia of $ 25.85 billion, an increase of 33.8%. Australia is China's ninth largest trading partner; China is Australia's largest trading partner, the largest source of imports, the second largest export market.

Australia on China's main export products: metal ores, wool, crude oil, coal, leather, ferrous base metal waste, food and live animals, machinery and transport equipment, etc. Australia: computers and accessories, communication equipment, toys, games and sporting goods, furniture, textiles, garments, chemicals, shoes, audio-visual tape recorders and television sets, plastic and metal products, general machinery products, etc. The main products imported from China.

In recent years, mutual investment between the two countries and Australia has also developed quickly. As of May 2008, the Chinese new batch of Australian investment projects in China 8754, contracted foreign investment of $ 18.4 billion, the actual use of foreign investment of $ 5.523 billion. Distribution in the field of manufacturing, wholesale and retail, leasing and business services, Australia is one of the main sources of foreign investment in China. The end of 2007, China's Ministry of Commerce approved or filing of investment projects in Australia has more than 340, and $ 1.73 billion of direct investment in China to Australia, mainly in the areas of resource development, services, real estate, and import and export trade. China and Australia are important investment partners.

Australia pursues an active foreign policy. The defining components of this policy are set out in a policy document (white paper) from February 2003. Thereafter, the security of the nation and to safeguard the jobs and living standards of Australians are the overriding interests that control the external action.

Relation with United States

Close relations with the United States. The United States as the sole superpower is a key position in all international security issues. A close alliance with the United States is therefore considered in the Australian national interest lie. There will be annual consultations of foreign and defense ministers. The U.S. is already the largest trading partner. A free trade agreement is to make the economic ...