Week 13: Australian FTAs Flashcards
1
Q
Australia’s Top Export Market
A
China
2
Q
Australia’s Top Import Market
A
China
3
Q
Australia’s Top Export Product
A
Iron Ore
4
Q
Australia’s Top Import Product
A
Personal Travel
5
Q
Benefits of FTAs
A
- Allow freer trade / create stronger ties
- Eliminate tariffs
- Encourage investment / enhance co-op /
- Increase productivity / higher GDP growth
- Access to cheaper inputs
- Introduce new technologies / competition / innovation
- Increase competitiveness / attractiveness of Australia as investment destination
6
Q
Arguments Against FTAs
A
- Infant Industries struggle against international competition
- Doesn’t benefit LDCs
- Prices can fluctuate
- Americanisation – lack of cultural identity
- Dumping
