CANBERRA, Oct 28: Australia unveiled a long-term plan to boost trade with a booming Asia today, aiming to lift Asian input into its economy to one third by 2025 from 25 percent now, via more business with China and India in particular.
Releasing a new policy document, ‘Australia in the Asian Century’, Prime Minister Julia Gillard said Australia was well placed to benefit from the economic rise of China and India, and to boost trade and investment with the broader region.
“Whatever else this century brings, it will bring Asia’s return to global leadership, Asia’s rise. This is not only unstoppable, it is gathering pace,” Gillard said.
The plan has few specific policy announcements, but targets Asian tourism and greater expected demand for food and education to match Asia’s appetite for mineral resources that has fuelled a long mining boom in Australia.
It also targets more Asian investment into Australia and lower trade barriers, although does not recommend changing Australia’s foreign investment rules, which include intense scrutiny of planned investments from overseas state-owned firms.
Australia is a member of the 21-member Asia Pacific Economic Cooperation (APEC) group, and is one of the 11 nations involved in negotiations for a Trans-Pacific Partnership (TPP), both of which aim to liberalise regional trade.
Since the early 1970s, when Australia set up formal diplomatic relations with China, and Japan cemented its role as Australia’s top trading partner, Australia has regularly tried to deepen its Asian ties to cash in on regional economic growth.
Since then, China has become Australia’s top trading partner, ahead of Japan, the United States and South Korea.(AGENCIES)
Trending Now
E-Paper
Follow our WhatsApp channel