“trading The News: How Australian Forex Traders Profit From Market Events” – Australia’s Trade Explained: Top Imports, Exports and Trade Partnerships As the international trade war rages, News takes a look at what Australia’s imports and exports bring to the country.

In the short term. The deal bodes well for the country’s mineral exporters, but in the long term, experts say any disruption to the global free-trading order will hit Australia’s economy hard.

“trading The News: How Australian Forex Traders Profit From Market Events”

Its large Asian neighbor is easily Australia’s most important trading partner, and has been since 2007 when it overtook Japan. From a Chinese perspective, Australia is still reasonably important – it is China’s seventh largest trading partner.

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Meanwhile, Australia still trades heavily with the US, Japan, South Korea and the UK, while New Zealand and Singapore lag behind.

That is, minerals including iron ore, coal, gold and natural gas, as well as agricultural products including beef, wool, cotton, gram, pulses, sugar and wine.

But Australia’s third most important export in terms of dollar value is actually a service: education. These are the millions of international students who come to Australia to learn English or study at university.

Australians love to travel and it turns out that its biggest import spender is tourism – it’s what Australians pay to travel overseas.

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Then there are the cars and the petrol to run them, as well as telecommunications equipment (computers and phones) and our huge expenditure on international freight transport to actually get all the goods we send to our island nation. or send.

Australian governments have enthusiastically pursued bilateral free trade agreements (FTAs) since the early 2000s, and Australia now has agreements with New Zealand, Singapore, the United States, Thailand, Chile, ASEAN countries*, Malaysia, Korea , with Japan having a total of ten. and China. It signed an agreement with Peru in late 2017, which has yet to be ratified by parliament.

Australia is also a signatory to the Trans-Pacific Partnership (TPP), a multilateral agreement designed to exclude China as a counterbalance to its economic gravity, even as US President Donald Trump Trump kicked out the US and blew up the deal. In 2017

Australia has signed but not yet ratified the Pacific Agreement on Closer Economic Relations with 14 Pacific Island countries, and it has FTAs ​​with several other countries or economies, including India, Indonesia and Hong Kong. is in ongoing negotiations for

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Free trade agreements are designed to reduce barriers to trade such as tariffs or quotas between countries, theoretically helping consumers by increasing competition in markets for goods and services. But the broad view that “free trade is good” highlights how it can hit some sectors harder than others, especially import competitors.

The economic impact of free trade in the US industrial belt, particularly job losses, helped propel Mr Trump’s protectionist agenda and his electoral victory.

Professor Vishal Kishore, a trade and public policy expert from RMIT, told News that the question is highly controversial.

“FTAs are not really about free trade, they are not always about trade, but they are always agreements,” he said.

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“Free trade itself is a misnomer – there is no such thing as free trade if it means completely without any form of government intervention. The best you can hope for is that FTAs are about free trade in the regions.”

Australia’s free trade agreement with Japan, for example, reduced the prices of Japanese cars for consumers in Australia in 2015, after the Japanese spent some (but not all) of their savings when tariffs were cut. gave But critics of such deals point out that cheap imported cars destroyed Australia’s car manufacturing industry because it could not make cars as cheaply as other countries.

While mainstream Australian politicians – the fiscally conservative of both parties – are convinced of the benefits of FTAs, some are less convinced with many voters from the more traditional left and nationalities. And he has reason to doubt it, said Professor Kishor.

“It is absolutely true that strong and confident rhetoric [politicians’ speeding up of FTAs] does not match the numbers,” he said.

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“Part of it is, good for who? … An FTA might be good for Australian beef exporters, but it doesn’t say anything about ‘good for Australia’ in general. Anyone who Trying to sell that it’s good for everyone hasn’t thought about it hard enough or trying to pull it on you. Or both.”

) which governs trade laws between countries. Based in Geneva, it was established 23 years ago as a forum for trade ministers to figure out the rules of the road when doing business across national borders, and also as a place to settle disputes between nations. It has an ideological commitment to open, fair economic competition, if not absolutely free trade.

Basically, signatory countries have to give each country the same deal – so if you make terms favorable to one country for trade in goods, services or intellectual property, you have to give all WTO countries the same deal. Will be. There are exceptions – on national security and other grounds – and that’s what Mr Trump is using to justify the metals tariffs.

Dr Stephen Kirchner, an expert on international trade from the US Studies Center at the University of Sydney, told the News: “Overall we’re seeing an increase in protectionism in the US that is likely to be countermeasures by other economies like the EU and China. indicating”.

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“Perhaps the worst possible outcome is that we have WTO rulings against the U.S. on important issues, the U.S. begins to ignore those rulings, and then the international rules-based trading system begins to break down,” he said. goes,” he said.

*ASEAN is 10 Southeast Asian countries, headquartered in Jakarta: Indonesia, Brunei, Burma, Philippines, Singapore, Malaysia, Thailand, Cambodia, Laos, Vietnam.

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