Since the 1980s australia has increased its role in international trade significantly by
June The unilateral trade liberalization measures and internal structural reforms launched by Australia in the early s have led to higher rates of growth of GDP and productivity, and to lower unemployment.
The economic reforms, including tariff reform, a reduction in subsidies and the deregulation and privatization of many services sectors, have improved the competitiveness of Australian business and stimulated exports. Despite these benefits, Australia appears hesitant about pushing ahead with reforms, especially for industries that continue to be relatively heavily protected, such as textiles and clothing and the automotive sector.
A new WTO Secretariat report on Australia's trade policies and practices suggests that Australia should continue its reforms and address unnecessary regulatory measures and other structural rigidities that impair the competitiveness of its economy. Australia met its Uruguay Round commitments by changing all remaining quantitative restrictions in agriculture to tariffs so that it now relies largely on tariffs, rather than quotas, for import protection.
It also removed export subsidies. Under its unilateral programme, Australia's average applied tariff declined to 5. Between andthe simple average tariff declined from 0. In spite of the general tariff reduction, considerable variation still remains within the overall tariff structure.
In particular, Australia's car and textiles and clothing industries continue to receive relatively higher tariff protection. The discrepancies will be accentuated with the Government's recent decision to freeze tariff reductions for these industries between and The Secretariat report argues that this change in policy may thus give the wrong signal to industries which, on the contrary, should be encouraged to become more competitive as soon as possible.
Tariff and non-tariff assistance to agriculture is low. Moreover, these indicators of assistance do not reflect the economic effects of the restrictions imposed by Australia's quarantine regime on a large number of agricultural and food-related products.
Australia continues to be a significant user of anti-dumping measures. The percentage of imports affected by anti-dumping and countervailing actions increased between andalthough the incidence of measures and undertakings in force declined from 86 in to 47 in Recent changes in anti-dumping procedures have considerably shortened investigation periods and questions arise regarding the seemingly enhanced role of local industry in the new investigative process.
In addition, mergers between the four largest banks and the two largest insurers are permissible under the financial sector reforms, subject to approval by the Treasurer; mergers among the four largest banks, however, are not permitted. In its offer in the WTO Agreement on Telecommunication Services, Australia allowed unrestricted competition in basic telecommunication services as of July and has removed its foreign equity restrictions since the 1980s australia has increased its role in international trade significantly by the second basic service provider, Optus.
Trade liberalization in the services sector has also been pursued under the Services protocol signed with New Zealand, exposing them to a greater degree of competition. In addition, Australia's new competition policy provides for the opening of utilities, including gas and electricity, to competition. However, other vital services such as maritime and port services remain to be reformed.
Overall, the report notes, that despite the obvious benefits since the 1980s australia has increased its role in international trade significantly by the reform programme, recent developments suggest that the Australian government may be adopting a more ambivalent attitude to unilateral trade liberalization, perhaps because of increased susceptibility to pressures from certain interest groups.
The report concludes that it is crucial for Australia to continue its trade and structural reform process to ensure strong growth in the long run. Hesitation over pushing through further reforms create anomalies and distortions in the tariff and assistance structure, and may give mixed signals to producers and consumers about the Government's commitment to future reforms and their direction.
There is a need, the report says, for ongoing reform to address regulatory measures and structural rigidities that continue to impair the competitiveness of Australian industry. The WTO's TPRB conducts a collective evaluation of the full range of trade policies and practices of each WTO member at regular periodic intervals and monitors significant trends and developments which may have an impact on the global trading system.
The report covers the development of all aspects of each of Australia's trade policies, including domestic laws and regulations, the institutional framework, trade policies by measure and by sector. Since the WTO came into force, the "new areas" of services trade since the 1980s australia has increased its role in international trade significantly by trade-related aspects of intellectual property rights are also covered. Full reports are available for journalists from the WTO Secretariat on request.
Since Decemberthe following reports have been completed: Since its previous Trade Policy Review inAustralia has, by and large, pressed on with its unilateral trade liberalization programme, which has been central to the process of structural reform and the exposure of Australian business to increased competition. Furthermore, Australia has met its Uruguay Round commitments by tariffying all remaining quantitative restrictions in agriculture and removing export subsidies.
Internal structural reforms have been seen as complementing the trade liberalization process. There has been a reduction in subsidies, spurred by the Government's commitment to reduce the budget deficit. Australia has also recently enacted a new competition policy, which requires, inter alia, a review of all legislation that may contain anti-competitive elements and impose costs on business. Moreover, government enterprises, previously excluded from competition rules, are now subject to the same rules as private business.
Deregulation and privatization are also taking place in many services sectors. A continuation of the trade reforms, accompanied by comprehensive competition policy reforms and internal deregulation, is seen as the key to improved competitiveness and the ability of Australian industry to compete successfully on the international market. The high degree of transparency regarding the nature and effects of various distortions to competition have greatly facilitated not only this Review, but the process of trade and structural reform during the s.
The main outcome of the reform process is that Australia's rates of GDP and total factor productivity growth have been among the highest in the OECD group of industrialized countries.
It is crucial that the trade and structural reform process be continued and completed to ensure strong growth in the long run. This would, in turn, contribute to a further reduction in unemployment. Sincethe Australian economy has experienced strong growth, accompanied by low rates of inflation. Prudent monetary policies have ensured a stable macroeconomic environment for Australian industry, while fiscal policy has concentrated on the consolidation of the budget deficit and privatization to reduce the savings-investment gap, which has contributed to persistent current account deficits.
Significant progress has been made since the previous Review in raising private saving and curtailing public dissaving. The Government has maintained its commitment to cut the budget deficit by reduced spending and is currently since the 1980s australia has increased its role in international trade significantly by in efforts to raise private saving, notably through the implementation of compulsory superannuation and tax rebates on savings.
Nevertheless, in the longer term, the Government will have to tackle the politically sensitive subject of tax reform, which is expected, among other things, to reduce the present tax disincentive to save and overhaul the existing sales tax. As a result, unweighted average tariffs have declined from 9. Still, considerable variation remains within the overall tariff structure. In particular, Australia's traditionally protected industries, passenger motor vehicles PMV and textiles, clothing and footwear TCFcontinue to receive tariff protection considerably in excess of the manufacturing average.
Furthermore, the Government, contrary to independent advice, decided in favour of a pause in tariff reductions for the PMV and TCF industries between and The pause is significant because since the 1980s australia has increased its role in international trade significantly by results in higher degrees of tariff protection for PMV and TCF industries, favouring these two industries at the expense of others, such as mining and agriculture, which have traditionally received little tariff protection.
In light of the positive adjustment that has taken place in PMV and TCF industries, largely in response to tariff reductions sincethe Government may be giving the wrong signal to these two industries and to the manufacturing sector in general. In the area of foreign investment, proposals from foreign nationals are, in general, subject to the Foreign Investment and Takeovers Act, However, investment above this sum or in sensitive sectors is subject to national interest considerations and must be notified to the Government.
The previous Review noted that, despite sluggish growth, the Government implemented a tariff reform programme in in the belief that unilateral trade liberalization would have a positive effect on economic growth. The results have been positive for exports, economic growth and productivity, even in relatively protected sectors such as TCF and PMV.
Despite the obvious benefits of the previous reform programme, several recent developments suggest that the Government may be adopting a more ambivalent attitude to unilateral trade liberalization and the provision of assistance to industry, perhaps reflecting its increased susceptibility to pressures from certain interest groups.
For example, apart from the tariff pause, the Government's new industry policy embodies a more reciprocal and proactive approach to trade and foreign investment. There has also been a tendency, in some instances, to bypass the primary independent review and transparency body in the country, the Industry Commission amalgamated in into the Productivity Commission as regards a number of recent inquiries. These include the Mortimer and Goldsworthy reviews on which the new industry policy is largely based.
The composition of these review committees appears to suggest greater involvement of industry groups, and thus further pressure on the Government from these vested interests. With the exception of a few tariff lines, representing around 0. In addition, strong quarantine provisions provide substantial additional protection to the food and food processing sectors.
The exceptions include imports of some kinds of cheese, which were subject to a quota during the period covered by previous Review, and currently face a tariff quota; and a specific tariff previously faced by sugar importers, which has been removed and tariffs reduced to zero.
Tariff escalation has, in general, declined, although in some sectors, such as textiles, clothing and leather products, it remains significant. Although declining in importance, these concessions tend to exacerbate tariff escalation, notably in industries such as textiles and clothing, where tariff protection is already considerably higher than the average.
A recent recommendation by the Industry Commission to address tariff anomalies in the TCF and PMV industries, by reviewing the tariff concession system, has not been adopted by the Government. Australia's quarantine regime restricts imports of a large number of agricultural and related food products.
Thus, indicators of tariff protection or effective assistance, which would indicate that agriculture and food processing are largely unassisted, do not take into account relatively strict quarantine measures that restrict imports of most since the 1980s australia has increased its role in international trade significantly by in these sectors. While the authorities consider these measures to be necessary for the maintenance of sound health and sanitary conditions in an island continent, and based on scientific evidence, some are being challenged by WTO Members Australia's restrictions on imports of salmon, for example, are currently the subject of a dispute with Canada.
Local-content schemes for fresh fruit juices and tobacco have been removed to ensure consistency with Australia's Uruguay Round commitments. However, schemes in the broadcasting sector appear recently to have been strengthened. In the PMV industry value-added requirements exist to make a company eligible for the duty-free import allowance scheme. As part of a general undertaking to reduce production and export subsidies, government expenditure on both types of subsidy has in general declined during the period under review.
Export facilitation remains a major feature of support for the PMV industry, however, providing duty-free imports of cars and components for the export industry. Australia also continues to be a significant user of anti-dumping measures. The percentage of imports affected by anti-dumping and countervailing actions increased between andalthough the incidence of measures in force and undertakings declined from 86 in to 47 in Changes announced recently to anti-dumping procedures, including the dissolution of the Anti-Dumping Authority and consolidation of all anti-dumping investigations within one body the Australian Customs Servicehave considerably shortened the investigation period, raising questions about the effectiveness and thoroughness of the investigation during this shorter period.
Questions also arise regarding the seemingly enhanced role of local industry in the new investigative process, which is intended to benefit local industry and meet long-held industry concerns.
In addition, the revised appeal mechanism allows only for a review of the interpretation of current information. The Government's scheduled inquiry into anti-dumping under the Competition Principles Agreement will be delayed to allow implementation of the new arrangements.
Since the previous Review, border measure reforms, including tariff reductions and tariffication or removal of non-tariff barriers, have continued. Between and the simple average tariff, according to since the 1980s australia has increased its role in international trade significantly by ISIC categories, has declined from 0. Despite declines in ERAs, there are considerable variations among to industries. ERAs do not take into account any assistance provided by Australia's quarantine laws, especially in the agriculture and food processing sectors, and may therefore understate the degree of overall protection extended to these sectors.
In addition, mergers between the four largest banks and the two largest insurers are permissable under the financial sector reforms, although they must be approved by the Treasurer; mergers among the four largest banks, however, are not permitted. Trade liberalization in the services sector has also been pursued under the Services protocol signed with New Zealand, under which the services sectors included in a "negative inscription list" have gradually been reduced, exposing them to a greater degree of competition.
Since the previous Review, major market opening has taken place in financial and telecommunications services; reforms have also been implemented in air transport services. This is important, given the essential contribution of these services to manufacturing and agricultural activities and to overall productivity. However, other vital services sectors such as maritime and port services remain to be reformed, although some liberalization of coastal trade regulations was announced by the Government recently.
Australia's unilateral trade reforms - particularly tariff reductions - have gone beyond the scope of its Uruguay Round commitments. Major changes introduced since the previous Review to comply with its WTO commitments include the tariffication of remaining quantitative restrictions in agriculture; amendments to farm legislation to comply with the WTO Agreement on Agriculture; and changes to anti-dumping and countervailing procedures and to intellectual property rights legislation.
As Australia reduces its since the 1980s australia has increased its role in international trade significantly by tariffs, preferences for developing countries provided through the ASTP are also gradually being reduced. Its participation in the Asia Pacific Economic Cooperation Forum APEC is carried out within the broader goal of maintaining "open regionalism" within multilateral rules.
Australia remains strongly committed to the multilateral trading system and, through the Cairns Group emphasizes the importance of further multilateral reforms in agriculture. In particular, Australia seeks to place agriculture on the same footing as industrial products, stressing elimination of export subsidies and deep cuts in domestic subsidies, and substantially improved market access through deep reductions in tariffs and elimination of non-tariff barriers.
However, since the 1980s australia has increased its role in international trade significantly by, there has been an increased emphasis on bilateral efforts to open foreign markets to Australian exports in addition to Australia's continuing participation in the multilateral trading system.
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