Chapter 3 - Free Trade Agreements

Question 1

FTA

Answer 1

• made between countries and to form trading regions

- an example of a FTA is one involving tariffs and customs duties on agricultural products like wheat or apples

Question 2

China - Australia FTA (ChAFTA)

Answer 2

• the removal of all tariffs on our dairy products within 4 to 11 years
• removal of tariffs of 12 to 25 % on beef over 9 years
• removal of tariffs on live animal exports within four years
• removal of tariffs on sheep meat over 8 years

Question 3

ASEAN Australian-New Zealand FTA (AANZFTA)

Answer 3

• eliminate tariffs on 96% of Australia’s exports to ASEAN nations by 2020
• international arbitration is established to resolve foreign investment disputes

Question 4

Australia New Zealand and Closer Economic Relations Trade Agreement (ANZCERTA)

Answer 4

• all tariffs and restrictions on import and export between the 2 countries are prohibited
• minimise government industry assistance and export subsidies and incentives to ensure a level playing field
• food standards are standardised

Question 5

Pacific Agreement on Closer Economic Relations-Plus (PACER-Plus)

Answer 5

• australia, New Zealand and 14 Pacific Island countries that would cover trade in goods, services and foreign investment
• issue = impact on revenues of member Pacific Islands