Australia is known as the “Land Down Under” as it is a large island continent in the Southern Hemisphere. Its population of over 25 million is made up of diverse cultures and the land is rich in natural resources.
Australia pursues bilateral relationships with many countries in order to promote shared interests and deal with shared challenges.
Australia exported a total of AU$469.9 billion worth of goods and services around the globe in 2019. Foreign investment is at record levels, demonstrating that Australian exporters are navigating challenging global economic conditions and foreign investors are confident about investing in the land Down Under.
Since Australia’s first free trade agreement, with New Zealand in 1983, trade agreements have reduced costs for Australian exporters and eased the pathway for Australian goods and services into foreign markets. When the agreements Australia is currently pursuing are finalised they will cover 88 per cent of Australian trade, up from around 70 per cent now.
The China Australia Free Trade Agreement (ChAFTA) came into effect in December 2015. Other recent developments include: the entry into force of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and signing of the Peru-Australia Free Trade Agreement in 2018; and the signature of the Indonesia-Australia Comprehensive Economic Partnership and Hong Kong-Australia Free Trade Agreement in 2019.