(BEO3378) International Economics and Finance 国际经济理论作

Assignment of BEO3378

AN REVIEW ON CHAFTA

Yu Pingyang 4363347

Min Shengye4363294

Part 1: An overview of the Australian Economy

Size of Economy

As for Australia, the total GDP ranked in the 12th of the whole world in 2014, and the GDP

per capita ranked the 4th in 2014.

Table 1: Indicator of economy

Population

GDP (million)

GDP per capita

(current US$)

Exports of goods

and services (% of

GDP)

Imports of goods

and services (% of

GDP)

Source: World Bank

Graph 1: Australia GDP per capita vs OECD countries 2010 22031750 1,141,267 51,801 2011 22340024 1,388,066 62,133 2012 22728254 1,534,425 67,511 2013 23125868 1,560,372 67,473 2014 23490736 1,453,770 61,887 19.5 21.2 21.3 19.9 20.9 20.4 20.1 21.5 21.1 21.4

Source: World Bank

Main industries

The indicator of Industry value added is used for showing the main industries.

Table 2:Industry value added ($m) 2012-13

2013-14

Ranking

1

2

3

4

5

6

7

8

9

10

Source: World Bank Industry Mining Construction Professional, scientific and technical services Manufacturing Retail trade Rental, hiring and real estate services Transport, postal and warehousing Wholesale trade Health care and social assistance (private) Administrative and support services 112,565 101,695 103,373 97,339 70,579 63,043 66,237 64,633 65,076 48,197 48,197 124,476 108,353 102,257 97,547 71,449 67,381 67,048 66,793 66,566 50,200 50,200

The top ten exports and imports

Table 3: The top ten exports

1

2

3

4 112 Primary products - Unprocessed - Minerals 113 Primary products - Unprocessed - Fuels 123 Primary products - Processed - Fuels 121 Primary products - Processed - Food

243 Manufactures - Elaborately transformed - Engineering 5 products

6 111 Primary products - Unprocessed - Food & live animals

7 302 Other goods - Non-monetary gold

231 Manufactures - Simply transformed - Mineral 8 manufactures & metals

9 114 Primary products - Unprocessed - Other

242 Manufactures - Elaborately transformed - Chemicals & 10 other semi-manufactures Source: Department of Foreign Affairs and Trade

FY2014 (Sum of A$000) 90789899.49 50394709.94 20642764.48 20206008.89 16954632.79 15493521.61 13260362.41 10357868.89 7549525.05 5820870.69

1 Table 4: The top ten imports 243 Manufactures - Elaborately transformed - Engineering

products 2 244 Manufactures - Elaborately transformed - Other

3 113 Primary products - Unprocessed - Fuels

4 242 Manufactures - Elaborately transformed - Chemicals &

other semi-manufactures

5 123 Primary products - Processed - Fuels

6 121 Primary products - Processed - Food

7 232 Manufactures - Simply transformed - Chemicals &

other semi-manufactures

8 241 Manufactures - Elaborately transformed - Mineral

manufactures & metals

9 304 Other goods - Confidential trade

10 302 Other goods - Non-monetary gold Source: Department of Foreign Affairs and Trade FY2014 (Sum of A$000) 100738955.85 36796720.47 22761136.58 21472357.31 20831400.54 12992873.30 10633791.79 5861437.04 5797682.92 4767299.94

Types of trade barriers in these key sectors

1. Tariff barriers

Tariff is executed by the custom and based on the cargoes imported and exported. Tariff

rates specified by the nation's highest administrative unit.

2. No-tariffbarriers

Database from UNCTAD Trade Analysis (2005) contains the most comprehensive information

of no-tariff barriers. It refines them in six aspects.

Quantity control methods (quota)

Price control methods

Finance methods

Automatic licensing methods

Monopolistic methods

Technical methods

As for primary products,fuels and food are the two in the top ten import. They are regulated

by tariff, price control method, quota, technical methods. For example, when importing vegetable,

there can be tariff imposed, an import amount that must obey, a price that must higher than and

the origin rules and quarantine rules such as stifling and no parasite that must obey.

As for Manufactures, engineering products, chemicals and mineral manufacturesare the

three in the top ten import, and they are often regulated by finance methods, quota, automatic

licensing methods and technical methods. For instance, when importing manufactures, you may

not get the loan from bank, or be constrained by the quota, or do not have license for import, or

the manufactures do not match the technical requirement.

Part 2: An overview of the key elements of ChAFTA

In the goods trade area, Australia promised that China's export of Australia of all goods

import tariffs will reduce to zero eventually, and 93% of export products of Australia will be

duty-free access to the Chinese. In the end, the proportion is as high as 95%, in specific industries,

like beef, mutton, dairy product, wool, liquor, leather, Garden forestry, corn, live cattle, pork, and processed food and so on. For example, in the nine years, the tariffs of import of beef from

Australia will reduce to zero. (Now, the tariff is 12% ~25%)

In the service trade field, many service industries are partly open to each other, such as

education service industry, financial services industry, tourism and related service industry,

telecommunication service industry, health and aged care services industry, legal services

industry, mining and extractive industry service industries, architecture and urban planning

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