Australia is currently negotiating FTAs with EU and GCC also.Īustralia remains a significant exporter of natural resources, energy and food items, drawing mainly from its extensive reserves of natural resources i.e., coal, iron, copper, gold, natural gas, uranium, and renewable energy sources and an efficient agricultural production base.
AUSTRALIAN MAJOR EXPORTS FREE
Similarly, the Australia-United Kingdom Free Trade Agreement (Australia-UK FTA), was signed virtually on 17 December 2021.
AUSTRALIAN MAJOR EXPORTS FULL
AI ECTA is an interim (early harvest) agreement and both the countries have agreed to continue to work towards a full Comprehensive Economic Cooperation Agreement (CECA) in 12-18 months. The Australia-India Economic Cooperation and Trade Agreement (AI ECTA) has entered into force on 29th December 2022. A comprehensive regional Free Trade Agreement (FTA) covering goods, services and investment between Australia, New Zealand and nine Pacific Island countries, named Pacific Agreement on Closer Economic Relations (PACER) Plus, entered into force on 13th December 2020. An Indonesia-Australia Comprehensive Economic Partnership Agreement came into force on 5th July 2020. Australia has FTAs, under bilateral and multilateral arrangements, with New Zealand, Singapore, USA, Thailand, Chile, ASEAN, Malaysia, Korea, Japan, China, Hong Kong, Peru, Brunei Darussalam, Canada, Mexico, Vietnam, and recently with India. Australian Trade ProfileĪustralia is an open market economy with minimal restrictions on import of goods and services, which makes the economy highly productive and dynamic. This increase over the pre-COVID-19 level in 2019 is higher than the average for advanced economies (3.7%). GDP is projected to be 6.7% larger by the end of 2022 than in pre-pandemic 2019. Australia’s rapid recovery compares well internationally. This follows a solid rebound of 4.7% in 2021. In 2022, according to the IMF, Australia’s growth rate remained strong at 4.2%. Before the pandemic-induced recession in 2020, Australian economy had been growing consistently for 28 years, a record for uninterrupted growth in the developed economies. Technology-driven sectors – including professional, scientific and technical services, education and IT – are worth 15% of total economic production. The mining sector generated 10.6% of GVA, followed by financial services (9.3%), ownership of dwellings (8.9%) and healthcare and social assistance (8.2%). In FY 2021, Australia’s services and goods industries accounted for about 81% and 19% of real gross value added (GVA) respectively. The country ranks 18th in the world with per capita GDP (current) of USD 60,443. With 25 million population, Australia is home to just 0.3% of the world’s population, but accounts for 1.7% of the global economy. Australia, with an estimated GDP (current) of USD 1.55 trillion is the 13th largest economy of the world, and is set to become the 12th largest in 2023.
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