22 2.3 Impacts of Australia''''s Trade Policy on trade relations with countries: Japan and China .... 53 CONCLUSION...55 Trang 4 ABBREVIATION MEANINGS ACl-FTA Australia-Chile Free Trade A
OVERVIEW
Fundamentals of trade policy
The agreements and laws that govern imports and exports between two or more countries are referred to as trade policy Trade policy is established to impact trade, such as tariffs and quotas Negotiating trade agreements, setting rules, enforcing trade commitments and laws; supporting export financing and licensing market research, and trade missions; regulating and adjusting import and export laws; encouraging trade and growth with developing countries; and protecting and promoting investment treaties and agreements are the main instruments of trade policy
The policy's goal is to achieve macroeconomic objectives through adjusting import and export activity Trade policies influence both international and domestic investment by determining the size of marketplaces for enterprises' production
Trade policy has played an indispensable role in the production process Therefore, trade policy measures should be applied to empirical specifications in interaction with other developments that capture vertical specialization.
Overview of Australia
Australia, officially the Commonwealth of Australia, is a sovereign state comprising the Mainland of Australia, the island of Tasmania, and many other smaller islands Australia has the sixth-largest area in the world and is located in the southeast of Asia The capital of Australia is Canberra, the largest city is Sydney and the main language spoken in this country is English Australia's current population is about 23.1 million people, concentrated mainly in urban areas bordering the sea Australia's topography varies from large deserts to coastal plains and high mountains Australia is the smallest continent in the world located between the Indian Ocean and the Pacific Ocean in the Southern hemisphere Australia is famous for iconic images such as kangaroos, koalas, platypuses, boomerangs, and many other animals and cultural products Australia possesses a long coastline, creating favorable conditions for many tourism activities and marine economic development Australia is also a continent located in the Southern Hemisphere, so the climate is opposite to many countries in the Northern Hemisphere The climate has a strong division according to longitude, ranging from desert to temperate and tropical climates 18% of Australia's area is desert and is concentrated mainly to the east Although Australia is the 6th largest country in the world by area, the arable and habitable area is only a small part due to disadvantages in climate and topography Australia is isolated from the rest of the world, aridity covers most of the continent This isolation explains why Australia has different and unique flora and fauna system Australia possesses unique animals such as kangaroos, the world's only egg-laying mammals such as the platypus, and many rare species of plants in the world It is the last of the continents to be discovered and one of the world's most distinctive regions in terms of nature
Australia is much more than iconic kangaroos and opera houses An Australia built and somewhat similar to Europe today is actually the settlement of Aboriginal Australians and Torres Islanders for more than 60,000 years Despite the sad fact that Indigenous Australians do not currently make up a large percentage of Australia's population, their culture is still present and blended with Western culture to make a very unique Australian Culture British settlers arrived in Australia in 1788 in the city that is now Sydney And Australia was used by the British as a place for prisoners’ banishment Contact between Indigenous Australians and the first British settlers ranged from cordiality to violent conflict But diseases from the west, such as Smallpox, measles, and influenza have killed many Indigenous Australians During the colonial period, the settlers from England were always conscious of preserving and developing indigenous cultural and artistic forms such as music, language, and literature through many campaigns and campaigns movement Many sports such as cricket and rugby were introduced to Australia and another variant of football, the Australia Rules game became a treasured cultural tradition
Australian culture is a culture that bears the identity of many other cultures In other words, Australian Culture is a harmonious blend of local culture and culture from around the world Australia chooses to integrate into the cultural treasures of humanity and has many different characteristics Australians are very humble, open, and straightforward They are friendly and very gentle Australia has a low power distance index, which means Australians are flexible and highly responsible But Australia has a very high individualism index, which shows that Australians will not be inclined to work in groups and are very concerned with their own interests Australians are also very determined, strong, and achievement-oriented through their relatively high masculinity Finally, Australians are willing to embrace innovation and progress and are relatively adventurous but in moderation through the average Uncertainty Avoidance index
1.2.3 Legal and Political Factors in Australia
Australia's political system is built around a federal parliamentary constitutional system with the objective of maintaining a constitutionally stable liberal democratic political system Australia is among the world's sixth oldest continuous democracies and largely operates as a two-party framework where voting is compulsory Australia enjoys excellent relations with the United States, Canada, China, the United Kingdom, Russia, and many more nations It is a member of the World Trade Organization (WTO), the Group of Twenty (G20), the Asia-Pacific Economic Cooperation (APEC), the Organization for Economic Co-operation and Development (OECD), the United Nations, the Pacific Island Forum, the ASEAN Plus Six Mechanism, the Commonwealth of Nations, the Asia Pacific Economic Forum, etc.
Commonwealth Parliament or the Federal Parliament is the country's legislative branch It is bicameral and has been influenced by both Westminster and federalism in the United States The Monarch, the Senate, and the House of Representatives are the three components of Australia's Parliament, according to Section 1 of the Constitution The Australian House of Representatives consists of 151 members, each of whom is elected for a three-year term to represent a single electoral division, often known as an electorate or seat The instant-runoff preferential voting system originally originated in Australia and is used to vote inside each electorate The party or combination of parties that have the support of a majority of voters forms government Because legislation must pass both chambers to become law, differences between the House of Representatives and the Senate can lead government laws to be held up indefinitely Section 57 of the Constitution allows for the resolution of deadlocks through a method known as a double dissolution election Such elections are uncommon, not because the prerequisites for holding them are rarely met, but because they might constitute a major political risk to any government that decides to hold them
The Australian economy is a prosperous economy, planned and oriented towards the progressive Western economic model, strongly dominated by the service sector (68% of GDP), followed by agriculture and mining account for 29.9% of GDP) Australia is ranked 12th worldwide in terms of economic freedom in 2022 and is fourth in terms of trade freedom in the Asia Pacific region The market economy has facilitated the Australian economy's remarkable development over the past 20 years In 2021, the Australian economy will have the 13th largest nominal GDP in the world and the 18th largest GDP in the world if the purchasing power parity method is applied Australia set a world record for a series of continuous GDP growth for 103 quarters or 26 years before the Covid epidemic caused the country's GDP to record negative growth at the end of 2020
Figure 1 Australia GDP growth rate (2000-2020), (US Dollar Thousand) Australia is a member of 17 free trade agreements and an important trading partner with many countries including Vietnam Exports account for 23.9% of Australia's GDP and export value is at an all-time high estimated at more than US$343 billion in 2021 Australia exports a colossal amount of raw commodities, and Australia's most important export market is China with 35% whole value Australia's own currency is the Australian dollar, which is also used by other countries such as Kiribati, Nauru, and Tuvalu Among the G7 countries, Australia is the only country to maintain a positive growth rate after the pandemic (0.8%) while the UK even experienced an 8.7% decline in comparison before the pandemic
Australia's most important export markets can be listed as China, Japan, South Korea, etc The ten largest markets contribute 65% of Australia's total export turnover in
2021 and Vietnam is one of the important markets for Australian goods
In general, the Asian market is the place where Australian goods are exchanged the most, including Vietnam, the markets of other continents account for more modest values, Figure 2 Australia Export Value (2002-2021, (US Dollar Thousand)
Figure 3 Top 10 Export market of Australia in 2021, (US Dollar Thousand)
16 but this value increases year by year, showing that Australia is moving to a larger playing field
The OECD has continuously raised its forecast for Australia's economic growth to 4.1% in 2022 and lowered its forecast for Australia's inflation rate to 2.1% in 2023 from 3.8% in six months of 2021 This shows that the OECD is optimistic about the fiscal and monetary policies that the government is adopting to overcome the global crisis.
Diplomatic relations between Vietnam and Australia
The diplomatic relationship between Australia and Vietnam was established in 1973 and has been strengthened through bilateral diplomatic activities in many aspects such as economy, politics, and security
Economically, Australia and Vietnam cooperate in information exchange, personnel exchange, training, and human resource development, Vietnam and Australia are members of many regional and global trade agreements such as the ASEAN-Australia free trade agreement The Communist Party of Vietnam and government agencies make every effort to facilitate two-way trade between the two countries and create all favorable conditions for businesses that intend to do business in each other's territories Australia supports Vietnam in research, technology transfer, advanced production techniques, and scientific advances in many fields Vietnam has always been one of Australia's top trading partners The value of Australian goods imported into Vietnam is always high and set a record in
2021 Many large Vietnamese enterprises are also doing business in Australia like Vinamilk or Vingroup, this confirms the close economic relationship between the two countries
Figure 4 Vietnam’s Import Value from Australia ( 2012-2021), (US Dollar thousand)
In terms of politics, Vietnam and Australia also share views on many prominent international and regional political issues such as sovereignty in the East Sea, and the conflict between Russia and Ukraine and global protectionism Vietnam joins Australia in many policy dialogues related to education and defense to address human and technical needs Australia and Vietnam reaffirm their bilateral relationship every year by maintaining Human Rights Dialogues and technical discussions
In terms of security, Vietnam and Australia jointly recognize the importance of each country in the security of the Asia-Pacific region, and therefore jointly engage in measures to strengthen trust in the region and reduce the risk of regional conflict Vietnam and Australia are committed to combating transnational crime Strengthen cooperation against drug trafficking, human trafficking, and money laundering.
ANALYSIS
Trade Policy of Australia
2.1.1.1 Tariff measures a Tariff binding (Bound tariff)
The binding tariff is 9.8 percent on average Due to Australia's participation in the World Trade Organization Information Technology Agreement (ITA) extension, where the binding rate will be reduced to zero on an additional 182 tariff lines, the average bound rate is currently slightly lower than in 2014
When all tariff lines are bound, the average bound rate for agricultural products is 3.4 percent, with a maximum bound rate for potatoes being 29 percent Australia's simple average bound tariff rate for non-agricultural imports is a comparatively high 11.0 percent as a result of the Uruguay Round Agreement The upper bound products include clothing (maximum 55 percent), automobiles (maximum 40 percent), and electrical appliances (maximum 45 percent) Textiles (7.5-17.5 percent), automobiles (5-10 percent), and electrical appliances (0-10 percent), on the other hand, have lower tariff rates The discrepancy between the applied and bound rates should be as little as possible in terms of predictability Unbound commodities such as textiles (applied tariff rate 5.0-10.0 percent) and clothing (applied tariff rate 17.5 percent) have a binding ratio of 96.5 percent in Australia Australia's tariff rates on automobiles, car components, textiles, and footwear have been reduced to 5% by 2010 (and decided to do so by 2015 for clothing)
Other duties and charges (ODCs) have been set at zero on all tariff lines where Australia has established its import tariff, as stated by General Agreement on Tariffs and Trade (GATT) Article II.1(b) Australia's tariffs and ODCs are both unbound for about 5% of the tariff lines representing non-agricultural goods, including ex-items In terms of the number of unbound tariff lines, cotton yarn is the most common The unconstrained lines also cover certain polymers, appliances, machines, and parts, as well as numerous textile and apparel goods b Most-Favored Nation Tariffs (MFN tariff)
MFN tariff treatment ensures non-discrimination when a Free Trade Agreements (FTA) partner excludes some commodities from liberalization or has yet to complete its scheduled liberalization, and negotiates an FTA with a third country with liberalization pledges or speedier liberalization in relation to those goods
Unless a country is a member of a preferential trade agreement, MFN duties are what governments undertake to charge on imports from other WTO members (such as a free trade area or customs union) This means that MFN rates are the highest (and most restrictive) rates that WTO members charge one another in practice
Some countries charge higher tariffs to countries that are not members of the World Trade Organization In a few rare circumstances, WTO members/GATT contracting parties have chosen not to apply MFN treatment to some additional nations, using the "Non- Application Clause" of WTO/GATT accords
The MFN tariff system is really simple On an MFN basis, about half of the tariff lines are duty-free, whereas nearly half have an MFN cost of 5% ad valorem A small number of commodities, totaling 20 tariff lines, are subject to a 4 percent ad valorem MFN rate of duty (11 lines), particular duty (cheese and curd), or alternate rates of duty (fruit juices) Since 1 July 2019, a fairly simple tariff system with low duty rates has resulted in a simple average tariff rate of 2.5 percent, with a little lower average for agricultural items (1.4%) than the 2.7 percent average rate for non-agricultural commodities c Tariff trade quotas
Only two products are subject to tariff-rate quotas under Australia's WTO commitments: cigarettes and certain varieties of cheese and curd Since 1995, there has been no tariff quota on tobacco imports because the applicable above-quota tariff is zero Since 1988, cheese imports have been below the quota, which is set at 11,500 tonnes per year Individual or corporate quota allocations are based on historical trading performance in the importation of cheese Quotas can be transferred from an existing quota holder to new importers Quotas can be freely traded The administration of Australia's tariff rate quota on cheese is transparent, thanks to legislation that requires all transactions to be published in journals, with excerpts available on the internet
2.1.1.2 Non-tariff measures a Rules of origin (ROO)
Origin rules based on wholly obtained or entirely produced criteria, product-specific rules that generally necessitate a change in tariff heading, alternate rules such as qualifying value content, production process rules, or de minimis rules for goods containing inputs or third-party origin are all established in the RTAs/FTAs to which Australia is a party Chapter 3 of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) describes the rules of origin, as well as product-specific rules of origin An importer, exporter, producer, or any other business in the supply chain may offer a certificate of origin as long as it is in writing (including electronic form) and meets a set of basic data standards
Australia has strict regulations and standards in place to ensure the safety of our foods, whether they are domestic or imported
For imported food, we have two sets of legal criteria These specifications are:
Under the Biosecurity Act 2015, Australia is protected from biosecurity threats
As outlined in the Imported Food Control Act of 1992, control imported food safety hazards
To be allowed into the country, all imported food must meet biosecurity import requirements
Labeling and packaging requirements in Australia are very rigorous Failure to follow these laws may cause harm to your business and customers All product packaging and labeling must, in general, comply with Australian Consumer Law (ACL) The ACL forbids you from making false, misleading, or deceptive claims about your products You must also ensure that your product labels adhere to any industry-specific rules, such as the food standards code
Australia does not have any export tariffs on items shipped out of the nation Despite this, levies are imposed on a variety of primary products and exported goods to fund research and marketing
Fees are charged by the Department of Agriculture for services provided in accordance with its billing guidelines and on a cost-recovery basis The Department of Agriculture launched a remission system to reduce accumulated reserves from 2015 to
2.1.2.2 Non-tariff measures a Prohibitions, restrictions, and licenses for export
Export controls in Australia are based on a range of factors, including international nuclear non-proliferation agreements, sales of military and dual-use equipment, and cultural heritage protection, and endangered animal and plant preservation In order to fulfill importing market norms, various agricultural and food products are also subject to restrictions
Enforcement of relevant export administration regulations is the responsibility of the Department of Defense The Defense and Strategic Goods List categorizes goods and technologies that are prohibited from being exported, supplied, brokered, or published (DSGL) b Australia's Customs Regulations and Procedures
Goods that require an export permit must be declared regardless of their value Declarations can be mailed to an ABF office or submitted electronically through the ICS The declaration must be accompanied by identification documents The transaction does not include the export of prohibited goods, and adequate export approval for restricted goods has been obtained
Australia Trade Policy in comparisons with WTO regulations
Since January 1, 1995, Australia has been a member of the WTO, and the GATT since January 1, 1948
Australia's economy depends on a strong and open global trading environment The Australian government is a strong supporter of the WTO and its rules-based framework, which promotes and protects an open global trading system
We benefit from WTO trade rules, and we have a system in place to deal with complaints if other trading partners break them
The World Trade Institution is a consensus-based organization Every member's opinion is considered equally important, and a decision may only be made if all members agree As a result, progress may be slowed, but if an agreement is reached, all parties must follow through
2.2.2 Australia and its participation in WTO
Australia has a genuine interest in ensuring that the WTO's international trading regime is open, equitable, and enforced because of its status as a trading nation The WTO dispute resolution system is important to attaining this goal It is a cornerstone of the WTO, assuring Member countries that the commitments and obligations contained in WTO- covered agreements would be honored If a nation is found to be in violation of its WTO obligations, the WTO Dispute Settlement Body will oversee its efforts to bring its trade regime into full compliance The country may be obliged to pay reparations or face retaliatory measures, depending on the circumstances
As a trading nation with an innovative economy and a need for access to new technologies, Australia is interested in international standards and policies developed by WTO and the World Intellectual Property Organization (WIPO) on the protection of intellectual property rights such as patents, trademarks, and copyright The Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS), one of the WTO's component treaties, is an important tool for Australia to preserve these interests 2.2.2.3 Trade and development
Poorer countries stand to benefit the most from WTO trade liberalization because the ultimate goal is economic development Trading on a secure and stable global market is also in Australia's best interests As a result, Australia has been a strong advocate for poor countries' increased participation in the World Trade Organization (WTO) and the global trading system in general, particularly through contributions to Aid-for-Trade projects such as the Global Trust Fund and the Enhanced Integrated Framework Australia's aid-for-trade investments assist developing countries in leveraging trade to achieve long- term economic growth and poverty reduction.
Impacts of Australia's Trade Policy on trade relations with countries: Japan and
2.3.1 Rationale for choosing China and Japan for analysis
2.3.1.1 Australia and Group of Twenty (G20) relationships
The G20 is a crucial forum for international cooperation in the global economy It was founded in 1999 and consists of 19 big countries and the European Union G20 accounts for up to 87% of global GDP and 77% of world trade During the global financial crisis from 2008 to 2009, G20 played a vital role in boosting the global economy back to the recovery status
Australia is one of G20’s founding members and hosted the G20 in 2014 Joining G20 created Australia a huge opportunity in boosting the country’s economic growth, improving the civil life qualities, and broadening international trade all over the world 2.3.1.2 Australia and Asia-Pacific Economic Cooperation (APEC) relationships APE is a leading forum in the Asia-Pacific area in the world economy It was founded in 1989 with the mission of leveraging trade liberalization within regions as well as the interdependence of members with other countries in the world With 21 member countries, the regional forum made up 44% of world trade
Australia is a founding member of the APEC and 71% of the nation’s total trade is benefited from this economic forum thanks to a dynamic environment and tariff reduction Eight of ten of Australia’s largest export markets are happening within this economic forum
2.3.1.3 General impacts of China and Japan on Australia’s international trade Together with Australia, the three countries Japan and China are member countries of both G20 and APEC These countries are the top 2 export markets of Australia Particularly, China is the second-largest economy in the world (based on Gross Domestic Products Figures) with approximately 784 million in the labor force (in 2020), and the economy of Japan is the third-largest in the world (based on Gross Domestic Products Figures) Since the date that Australia performed an official mutual-benefit relationship, the countries have gained huge advantages and boosted economic growth
2.3.2 Impacts on trade relations with China
The China Australia Free Trade Agreement (ChAFTA) entered into effect on 20 – December 2015 ChAFTA is a historic partnership that could assist Australia tremendously by expanding its competitive edge in the Chinese market, stimulating economic and social development, and creating employment
Since the support from the agreement unlocked chances for both countries, China is the largest trading partner of Australia, contributing to around a third of total values in exporting Besides, China is a major source of foreign investment
Figure 5 Australia’s export Value to China (2014-2021), (US Dollar thousand) Most of Australia's goods exports to China would be duty-free when ChAFTA becomes fully implemented The given graph presents data about how export values from Australia have increased since 2015, from $60 billion to about $120 billion in 2021, the double figures archived within 6 years
Australia is the largest agriculture producer in China with around $13 billion was generated for Australian farmers in 2017 and still keeps broadening ChAFTA affords
Australia a great deal of influence on its primary agricultural competitors, such as the United States, Canada, and the European Union
Moreover, China is Australia's biggest market for resources and energy industries’ products with over $85 billion worth For instance, ChAFTA guaranteed zero tariffs on crude petroleum oils, and liquefied natural gas exports, which are major products in resources and energy exports of Australia, providing greater certainty for Australian exporters b Import
Figure 6 Australia's imports from China Value (2014-2021), (US Dollar thousand) The Australian tariffs on Chinese imports would be progressively abolished Consumers and enterprises can take advantage of the lower pricing and far more accessibility of Chinese commodities as a result of the reduction of the 5% tax on Chinese merchandise exports, electronics, and white goods
The provided data on the value of Australia’s imports from China describes a steadily rising from about $45 billion in 2014 to about $70 billion in 2021 even when suffering from the impacts of the Covid-19
2.3.3 Impacts on trade relations with Japan
On 15 January 2015, The Japan-Australia Economic Partnership Agreement (JAEPA) came into force, opening new opportunities for two-way investments in both countries As Japan is Australia’s second-largest trading partner and fourth-largest source of foreign investment the agreement promoted the process of liberalization and removed tariff and non-tariff barriers so that the two economies and societies can strengthen and underpin their crucial relationships From Japan's perspective, JAEPA is the most trade- liberalizing agreement that Japan has ever established
Figure 7 Australia's imports from China Value (2014-2021), (US Dollar thousand) The treaty substantially enhances market access for Australian exporters of products and services, as well as contributes to improving investment regulations Since the agreement entered into force, 98% of Australia’s merchandise exports to Japan received a free duty or potential access to resources, energy, and manufacturing In Japan’s agriculture market, which received vital leverage and protection from the government, Australia has gained competitive advantages as this is the first country to become an agriculture producer and sign a potential agreement with Japan
The line graph above represents Australia’s exporting values to Japan from 2014 to
2021 Since JAEPA become effective, the total value has significantly increased, and then keep stable at a high value of about $25 billion Except for the year 2020, due to the impact of the Covid 19 Pandemic, a reduction has been observed However, after that, both countries quickly adapt to the situation and adjust their economic’s policies, which lead to a dramatic rise to $30 billion b Import
Figure 8 Australia's import value from Japan (2014-2021), (US Dollar thousand) Australian tariffs on Japanese imports progressively be eliminated, thanks to JAEPA bilateral trade agreements As a result, consumers and companies benefit from lower costs and/or the widespread availability of Japanese commodities For instance, the removal of the 5% tax on Japanese passenger and goods motor vehicles, electronics, and white goods played a vital role in boosting Australia’s import values from Japan Since 2016, the total value kept increasing and reached a peak in 2018 at approximately $16,8 billion before being affected severely by the Covid-19.
Australia's Trade Policy affected by significant events
2.4.1.1 Australia as an export-oriented economy
Australia has a profound history of being an open, trading nation It values openness and pursues a forward-looking rather than a turn inward Openness in terms of economy is the acceptance of the host country to trade between domestic companies and foreign ones
To be more specific, the host could sell their goods and services worldwide while welcoming foreign investors and visitors to come to their territory for business Liberalized trade boosts the performance of this nation by exploiting the economy of scale in exporting activities as well as offering opportunities for Australian households to have access to valuable foreign resources Statistics (figure 9) represent that Australia experienced a trade surplus over the past 3 years
Source: World Integrated Trade Solution World Bank
Figure 9 Australia’s Trade Balance from 2018 to 2020
The world has witnessed the worst economic downturn during the coronavirus outbreak In the second quarter of 2020, such countries like the United States and European countries experienced a continuous stagnant economy However, Australia represents a better-off and resilient player with its largest-ever trade surplus in March 2020 at $10.3 billion and April 2020 at nearly $8 billion (figure 10)
Figure 10 Australia Trade Surplus during COVID-19
Nevertheless, it is consensus that nationalism would work as the more efficient tool to protect and finance domestic firms when confronting large firms overseas or dumping arrivals Australia stands in good stead only when it finds the perfect balance between free trading and the nation's sovereignty, not to mention the current challenges which are mentioned below
As mentioned in 2.3, China was indeed an important trading partner with Australia However, there are arguments that the partnership is profitable not until the trade war happened This reasoning exerted an intense influence over both countries The trade war commenced when Australia accused China of failing to conduct obligations to the buyer China's zero-covid policy makes it impossible for Chinese businessmen to receive products from Australia In relation to this event, China sues Australia for being a dumper who sells the products at an extremely low price or even below the cost of making that product to deliberately gain the market share in China from the existing counterparts This trade war is a zero-sum game because both parties have to suffer severe losses Take the export of barley from Australia to China as an example, Australia experienced a loss of $330 million from China’s decisions, and China in turn suffered over ten times higher, which is $3.6 billion The reason for such loss is a shortage of the specialized quality of Australian barley
32 that China was in urgent need of and there were no other potential substitutes available in the market As a result, both parties must have the money out of their pocket without any gain from trade After all, Australia and China would perceive their partnership as a positive-sum game with respect to benefit both parties China is Australia’s region's largest goods market, and the two economies have strong mutual complementarities China is and is going to be Australia's most important trading partner
The European Union (EU) is a potential market with significantly high income The
EU consists of 27 countries at the present, namely Croatia, Denmark, Finland, France, Germany, Greece, and Italy Australia and the EU have been mutual trading partners for years since 2018 According to statistics and past performances, the EU is not only the third-largest investor in Australian business but also the third biggest trading partner of Australia This relationship gathers around demographics such as investment, clean and renewable energy, and environmental or low emissions technology They mainly concentrate on cooperation and investment in sustainable development, which brings financial benefits for both parties as well as geological benefits for the society as a whole
However, the Brexit event brought up detrimental effects on the Australia - United Kingdom (the UK) relationship As not being part of the EU, the Australian products were sold at a hefty price tag to the UK consumers The reason for this obsolete high price is the surge in tariffs and a lower percentage in quotas UK consumers are then reluctant to make any purchase of Australian merchandise As a result, the UK ranks 12th position and is no longer the third largest two-way trading partner of Australia With that being said, the Australia-United Kingdom Free Trade Agreement (Australia-UK FTA) was signed virtually on 17 December 2021 This event brought both parties up with commitments and hope for a better future.
Impacts of Australia Trade Policy on trade relations with Vietnam
The economic and trade cooperation system between Vietnam and Australia continues to achieve good results, particularly the impressive growth rate of more than 40% in the first five months of 2021, which is in the context of the Covid 19 pandemic, becoming more common and seriously affecting the global economy and trade This result demonstrates the two economies' interconnectedness and complementarity, as well as their constructive actions The two nations are members of a number of free trade agreements Vietnam and Australia have not established a specific agreement within only 2 countries, however, the two countries’ trading relationships benefit from free trade agreements between Australia and regions Vietnam is a member country such as The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) entered into force, the ASEAN-Australia-New Zealand Free Trade Agreement (AANZFTA) or Vietnam’s World Trade Organization commitments Taking advantage of mentioned FTAs, since 2013, Vietnam has been one of Australia's fastest-growing trading partners with a bilateral trading growth rate of 12% per year
Vietnam and Australia still have a lot of opportunities for trade and investment cooperation since their economies have complementary rather than competing comparative advantages Economic progress has helped both nations, with one country's capabilities assisting the other in meeting its demands
Vietnam and Australia are demanding each other's specialty This is the reason why the Vietnam-Australia relationship is considered partners, not competitors Vietnam has grown more competitive and appealing to Australian buyers since it has produced a wider range of items in larger volumes Vietnam is then a potential market for Australian imports
In contrast, Vietnam is in need of energy, raw resources, food, and education as Vietnam's economy has risen and its residents' standard of living has improved Australia is then a potential market for Vietnam imports In 2020, Australia’s top imports from Vietnam are
34 telecom equipment and parts, footwear, monitors, projectors, and TVs, whereas Vietnam’s top imports from Australia are coal, iron, ores, concentrates, and live animals (excluding seafood)
Figure 11 Top 10 Product Labels Australia’s Imports from Vietnam in 2020
Figure 12 Top 10 Product Labels Vietnam’s Imports from Australia in 2020 2.5.2.2 Baseline Investment Relationship
Both countries are each other's, big investors This is the reason why the Bilateral investment between Australia and Vietnam has expanded as well, with the total stock of two-way investment amounting to A$2.17 billion in December 2020, according to ABS investment data consistent with ABS catalog 5352.0 Vietnam has made investments in 32 nations and territories Noticeably, Vietnam has also made more direct and portfolio investments in Australia than in any other country, accounting for 30.4 percent of Vietnam's total foreign investment Hoa Phat and TH Group are major Vietnamese investors in Australia
The CPTPP Investment Chapter comprises laws that give Australian investors working in CPTPP countries, such as Vietnam, greater safeguards The CPTPP investment rules, for example:
Offer protection against unfair treatment
Request compensation when an investment is expropriated in certain situations
Demand that capital transfers relating to investments be made openly and without delay
Assure that investors and their interests are treated with a minimal standard in line with the applicable customary international law norm, which includes the provision of due process in court proceedings
Australia's investments are concentrating on agriculture, food services, manufacturing, and processing sectors Blackstone Minerals, BlueScope Steel, Austal, Mavin Group, RMIT University, CBH Group, and SunRice are among the major Australian investments in Vietnam
Source: Australian Government - Department of Foreign Affairs and Trade
Figure 13 Australian Investment in Vietnam by sector
2.5.2.3 Potential factors for cooperative trade promotion a Geographical Position
Australia is located around 2000 kilometers from the majority of Asia However, it is between the Indian and Pacific Oceans, which has strong economic and political ties with industrialized nations, particularly the United States, the United Kingdom, and Europe Vietnam in turn has a long economic seaside and serves as a gateway to the world's greatest producer and consumer of products and services in Northeast Asia According to Ph.D Chu Hoang Long, the two nations' collaboration would not only draw investment from each other, but also from other countries and organizations By reaping the advantage of these two nations' geopolitical strengths, the Australia-Vietnam relationship could construct a potentially lucrative commerce and investment route between the two hemispheres b Agriculture sector
The structure of the two economies is highly reciprocal, according to Ph.D Chu Hoàng Long at the Australian National University Vietnam benefits from a youthful, plentiful, and inexpensive labor pool, whereas Australia benefits from a big geographical area and a diverse ecology that is conducive to large-scale agriculture and animal husbandry growth Both Vietnam and Australia have a history of producing high-quality agricultural goods, yet their seasons and climates are vastly different Vietnam, with its tropical temperature, hot, humid, rainy weather, and fertile soil, excels in a wide range of tropical agricultural goods, whereas Australia, with its dry environment, focuses on temperate agricultural products, with some tropical agricultural products but in the off- season with Vietnam The two nations' combination will result in reciprocal goods and supply chains that will serve both sides' markets and can also be sold to third markets c Clean Energy sector
There is a current interest of the Australian government in the field of environmental and low emissions technology Renewable energy is the potential field to strengthen the cooperation between Australia and Vietnam as Vietnam is heading towards the development of this particular field Furthermore Dan Tehan - Australia's Minister for Trade, Tourism, and Investment in the Department of Foreign Affairs and Trade, said that Australia is keen to promote energy cooperation with Vietnam, particularly in the sectors of renewable energy and electricity, offshore wind, etc This is the reason why Vietnam is currently encouraging Australian investment in Vietnam in the energy sector as well as
38 strengthening cooperation, technical assistance, and exchange of Australian experiences on energy development policy formulation
2.5.3 Australia's Aid Program to Vietnam:
Australia continues to commit to mutual development cooperation with Vietnam Thanks to bilateral economic partnership development, Australia has leveraged Vietnam’s enormous local resources and foreign investment to boost the country's attempts to enter a new phase of economic growth
Australia will contribute to attaining a mutually agreed, overall goal of boosting prosperity and decreasing poverty in Vietnam by helping to promote the private sector, upskill the workforce, and encourage inclusive growth
Australia will strengthen ties between scientists, health professionals, security services, and research organizations in the two countries Offering health fellowships, designating health as a development priority within scholarship programs, and collaborating on scientific research through Australia’s Center for Disease Preparedness and the Indo-Pacific Center for Health Security (CSIRO) are all examples of this To boost health security, Australia's law enforcement agencies and defense services will keep sharing information with Vietnam Through ASEAN talks and forums, Australia will contribute to the COVID-19 recovery effort As the health situation improves, Australia will share intelligence with border officials to enhance border reopening standards Some of the noticeable initiatives from Australia can be Empower: Mekong Women’s Empowerment Project which assists Vietnamese women and girls in realizing their economic potential via better use of sexual and reproductive health services, goods, and information Besides, the Aus4Innovation program includes a variety of health security activities such as work on low-cost ventilator design and the CSIRO Aus4Innovation AI Pandemic Challenge Fund
By bolstering food, energy, and water security, Australia will assist Vietnam's planners in managing the pressures of fast economic restructuring required for recovery While supporting economic growth, Australia's cyber security initiative will aid Vietnam in navigating obstacles and possibilities in the digital domain Australia will give funding to improve agricultural resilience, and the Australian Center for International Agricultural Research will continue to encourage research partnerships
With a particular focus on gender, Australia will increase local resource planning and water delivery Regarding awareness of human rights standards, Australia will provide training to promote Vietnamese law enforcement, including encouraging women to take up leadership roles in the police force The new Vietnam-Australia Center (VAC) will improve leadership and innovation collaboration by reinforcing its institutions and education for future leaders so that Vietnamese and Australian professionals may work together to find answers to common regional issues while upholding international laws and standards As a result, They will be able to deal with future shocks and regional issues
FINDINGS
Opportunities and Challenges from trade policy for Australia
Capital from foreign investment gives Australian firms financial leverage to improve infrastructure and productivity Bilateral investment treaties include provisions that encourage and safeguard two-way investment These investment legislation include anti-discrimination provisions, restrictions on expropriation of an investor's property, and fair and equitable treatment for investments, all of which provide protections and enhanced certainty for Australian and international investors
Australia's bilateral free trade agreements with other nations help to promote imports significantly ACl-FTA, ChAFTA, MAFTA, ANZCERTA, SAFTA, TAFTA, and AUSFTA all have agreements that provide their products duty-free and quota-free access to the Australian market Most of all the tariffs are prohibited for the goods and services originating in Australia and partners (over 90%) Free trade agreements aid in the removal of behind-the-border barriers that might otherwise block the flow of products and services, as well as the enhancement of legislation controlling intellectual property, e-commerce, and government procurement
FTAs, in addition to bilateral free trade agreements, allow overseas companies to join Australia's market Because the CPTPP requires Australia to be transparent about information and regulations on customs procedures, it boosts Australia's international trade by giving businesses, particularly small and medium enterprises, the opportunity to enter this market These businesses often face the risk of identifying the wrong code or origin of goods, resulting in the goods being subjected to an unexpected tariff
In terms of Sanitary and phytosanitary (SPS) measures, which are a major barrier for businesses exporting to Australia, AANZFTA's recommendation that Australia develop equivalence agreements and decisions, as well as negotiate bilateral recognition arrangements if requested, makes it easier for businesses to grant permission to enter the Australian market
FTAs promote more paperless trading for ex-import activities, for example with Singapore, Thailand and Japan As a result, it enables entrepreneurs to facilitate international trade and reduce transaction costs
Rules of Origin for ex-imported goods and services are agreed in FTAs, which reduce the time for standardizing international trading activities and shape the product development activities for participating countries
The Australian government encourages exporters by establishing agencies and organizations like the Australian Trade Agency (Austrade) and the Center for International Agricultural Research (ACIAR) These agencies are in charge of assisting Australian businesses in exporting, such as guiding the development of export plans, establishing relationships with foreign importers, assisting enterprises in risk management in export activities, assisting enterprises with export turnover or investment projects abroad with a turnover of 150 million AUD or more, assisting small businesses in exporting agricultural products… Reduced research and development tax, labor recruiting assistance, and human resource training and development are also examples of these supportive policies Investment market for Australian investors
The Australian government protects and promotes Australian who invest internationally, including by:
Foreign investment policies in Australia
Articles for the protection of Australian investors with overseas partners are included in all FTAs For example, the right to transfer funds and the right to an unbiased resolution of any investment conflicts with the government
The TAFTA expands Australian investors' options to own enterprises in areas such as mining, construction, restaurants and hotels, higher education institutions, marine cargo services, and so on Furthermore, it facilitates temporary admission into Thailand for Australian businesses, such as one-stop visa and work permit services or the extension of the maximum stay under business visa arrangements
Another example is Australia's bilateral FTAs with Chile, which regulates that investors in both countries can have grants and subsidies regardless of level of exports, achieving a domestic content or level of local purchasing except of industries including supplying services, constructing facilities training or research and development 3.1.1.2 Economic and Social aspects
FTAs contribute significantly to the increase in Australia's productivity and higher GDP growth levels Therefore, it plays an indispensable part in Australia's continued economic growth There are 4 main points explained why FTAs are beneficial for Australia:
Economic development and job opportunities for labor force
Stronger trade and commercial ties among member countries
Diverse range of competitively priced imported goods and services for domestics consumers
Comprehensive and multilateral environmental-protection practices
Fresh industries that need time to attain economies of scale in order to compete in global marketplaces are referred to as "infant industries."
The Australian Stainless Steel industry, for example, is a recent example of this The tariff rate was 35 percent in 2011, costing Australia $7 million per year when importing the requisite 27,000 tons As of 2017, Australia's steel tariff rate had plummeted to under 5%, confirming Australia's status as one of the least protected economies in the world However, it is claimed that investing in young sectors is wasteful since businesses that get protection may grow dependent on it and lose their drive to develop As a result, even if they are protected, these industries may stay uncompetitive and inefficient in the global market for a long time
In Australia, another important reason for protection is to safeguard domestic work
If local manufacturers are safeguarded from cheaper international imports, demand for locally produced items will increase, resulting in more domestic jobs
Many economists disagree with this reasoning because it tends to skew resource allocation from regions of more efficient output to areas of less efficient production In non-protected industries, this is likely to lead to greater levels of structural and cyclical unemployment in the long run It is also envisaged that by phasing off protection, more long-term jobs would be generated in globally competitive areas of the economy The Australian passenger vehicle sector is an example of an industry that has only survived because of the government's extreme protection To safeguard the industry until its death in January 2015, $30 billion was spent in all In principle, these labor and capital resources would be shifted to more efficient sectors of the economy, but in practice, this resulted in structural and probably long-term unemployment for 50,000 people.
Development Trend of Trading Australia
Exports now play an important role in the growth and development of countries all over the world This activity alone holds up a significant portion of a country’s GDP Formerly in this chapter, we notice that Australia is an export-oriented economy So the export market in Australia becomes more vibrant and busier with relation to its open economy
The statistics illustrate an overall increase in the values of Australian exports in the course of 8 years starting from 2014 Before 2018, Australian exports had only witnessed a steady rise The reason for this is that Australia did not have so many potential FTAs at that time, especially the absence of Australia and EU agreements on free trade After 2018, Australian exports experienced a dramatic increase due to the effectiveness of government policy to promote trading activities Noticeably, there was a considerable decline in the early of the year 2020 as a “new normal” trend in the global market Australia still maintained a positive trade surplus despite the COVID-19 pandemic As shown on the graph above, Australia’s export trend has a tendency to go up in the coming years 3.2.1.1 Potential Australia’s Exports
Figure 14 Values of Australian Exports
In the year of 2021, Australia’s exports of ores, slag and ash alone made up approximately 38% of total Australia’s export, followed by mineral fuels, oils, distillation products with 28% Exporting of coal and natural gas is part of exporting of mineral fuels, which witnessed a considerable decrease in proportion after the pandemic era The reason for this is the ban of the Chinese government on importing coal from Australia in 2020 and global demand and prices for natural gas dropped during the COVID-19 time
Furthermore, it is clear from the top 3 export goods that Australia is wealthy in natural resources and a major exporter of resource commodities namely ores, slag and ash, mineral fuels, oils, distillation products, pearls, precious stones With that being said, there is a high possibility that Australian exports are volatile due to their reliance on global demand trends
It is clear that Australia's top 1 exporter is China, with the proportion of nearly 44% of Australia’s total export Japan, South Korea, India together hold up a quarter of Australia’s total export at the percentage of 11.4%, 8,5%, 5.1% respectively
The top export destinations for Australia are all in Asia This is due to Australia's favorable geographical location and free trade agreements with key Asian economies These nations are China, Japan, South Korea, India, Vietnam, Indonesia, Singapore, Hongkong, etc Australia, as a major commodities exporter, has a tendency to shift its export strategy away from traditional markets such as the United States and Europe and toward rising Asian markets
Imports are just as important to the economy as exports, but imports join hands to help the country to be supplied with scarce, limited resources Imports allow the inflow of foreign items to the domestic market when certain commodities and services are unavailable, uncommon, expensive, or of poor quality in the home country No country could be a complete supplier for their economy and Australia is not an exception Australia will seek opportunities in import market as long as it is attainable
The graph illustrates the overall trend of increase in the values of Australian imports, coupled with a volatile tendency overtime From 2014 to 2020, Australian imports witnessed a twofold rise at $35 billion Notice that this is the time when Australia already performed free trade agreements with partners from all over the world The Australian market in turns feasibly engage in these activities Nevertheless, Australian imports decreased to the bottom of $27 billion as COVID-19 hit the world To be more specific, this issue arises mainly because of worldwide restrictions on travel and other restrictions on safety related factors The above chart clearly showed that Australia’s import trend has a tendency to go up in the coming years
Figure 16 Values of Australian Imports
In the year of 2021, Australia’s top exports commodities are machinery, nuclear reactors, vehicles and their parts, electrical, electronic equipment with the total percentage of approximately 39% of total Australia’s import
Furthermore, despite exporting vehicles and parts in 2019, Australia continued to import these goods in 2019, demonstrating that domestic production is minimal and Australia continues reliant on imports Despite the country's lockdown and a lack of microprocessor chips, demand for vehicles and their parts in Australia in 2021 remained high, as shown in the graph above Australia is now lacking and depends a lot on its top imports goods in the field of aforementioned vehicles, electronic equipment and pharmaceuticals also
Figure 17 Potential Import Sector of Australia
It is clear that Australia's top 1 importer is China, with the proportion of nearly 36% of Australia’s total import, followed by the US and Japan at the percentage of 13%, 7.7% respectively These 3 dominant import markets hold up more than 50% of the total import market As mentioned before, Australia depends a lot on its top imported goods which they are unable to self-supply This issue emphasizes the significance of these dominant markets over Australia trading activities However, the overall trend in Australia’s import market shifts towards other potential import markets
Because of the detrimental effect of the pandemic, Australia domestic oil production is insufficient to meet Australia's overall fuel demand Its fuel imports are predicted to become fully dependent on imports by 2030 This gives a huge opportunity for APAC countries, particularly Indonesia, India, Malaysia, Thailand and Vietnam appear to be potential partners for Australia as it strives to diversify its trade to increase import commodities
3.2.2 Development Trend of Trading Australia in the future
Figure 18 Potential Australia’s Import Markets
Australia's wealth will continue to be dependent on its economy's competitiveness and capacity to grab global chances As a result, Australia's trade policy will continue to prioritize openness and compliance with laws Australia's trade and economic policies will need to adapt to the changing character of trade, which is being driven by technological advancements and shifts in relative competitiveness
Australia's economy will benefit from the complementarity of its neighbors' economies Mineral and energy demand, as well as agricultural products and services, will be sustained by Asian economic expansion and urbanization Australia is also striving to strengthen economic ties with European, Latin American, Middle Eastern, and African commercial partners
Australia has great opportunity to expand its use of science and technology to boost productivity and exploit new sources of economic development, including involvement in the digital economy The Australian government is committed to aiding and investing in this process, particularly promoting Research and Development (R&D) as a vital driver of private sector innovation Australia maintains a strong support of an open global economy, and it will continue to oppose protectionism, promote and defend international trade laws that safeguard against unfair trade practices and assist in dispute resolution Trade disputes , challenges to the rules-based trading system, and uncertainty about the value of international trade are all major concerns for Australia It is critical to address trade issues in a way that does not jeopardize the system
WTO reform is a main plank and a long-term initiative of Australia's trade policy The WTO rulebook must be revised to remedy loopholes and keep up with economic and technical progress, including the use of new negotiating approaches, in order to stay relevant This effort will be supplemented by free trade agreements Australia will also make a concerted effort to ensure that the WTO's dispute settlement mechanism is in good working order As a medium-sized country that relies substantially on global economic openness, Australia will continue to be interested in sustaining and strengthening the rules- based global trading system.
Implications for Vietnamese government and enterprises
- Clearly identifying Vietnamese comparative advantages as well as understanding the capabilities of Australian market:
Based on international law, Australia and Vietnam are strong allies with common strategic interests in sustaining peace and stability in the Indo-Pacific region To capitalize on the opportunities presented by this strategy, the Vietnamese government must take incremental steps to reap the ultimate benefits With that being said, Vietnam should clearly identify its strengths and comparative advantages, carefully interpret the legal system, customs, and standards of goods and services Simultaneously, Vietnam is in urgent need to improve local knowledge and understanding the current capacity and shortage of products and services of its partner, Australia The more Vietnam interprets about itself and Australia’s future trend, the more this two-way relationship flourish
As mentioned in chapter 2, Vietnam had adopted a lot of Australia's aid programs such as Aus4Reform, Mekong Women’s Empowerment Project, Aus4Innovation, etc With such space to develop, Vietnam is heading towards the promising future of developing the Vietnamese business environment in many facets related to international trading To better perform in the coming time, Vietnam is expected to demonstrate its efforts to strengthen Vietnamese institutional ability, train future leaders, and develop capacity to be ready and proactive in receiving technology transfer Furthermore, improving health security and raising awareness of human rights standards contribute to Vietnam's social and economic resilience and stability When Vietnam successfully completes the aforementioned duties, it will be ready to cultivate Australia's support
In the time of COVID-19, partners of Australia’s trade are in severe damage due to a series of unexpected restrictions and regulations for the sack of global citizen’s safety
As its traditional markets like China, the United States and Europe turned out to be unalign with the open economy and constructive expansion of Australia, Australia is in urgent need to diversify its import and export markets in order to avoid supply chain disruptions The adoption of the relationship of Vietnam and Australia facilitated the transition of Australia’s partners towards more promising countries, including Vietnam This is a crucial principle for Vietnamese businesses to recover from the pandemic, improve production and business As a result, the export and import markets of Vietnam have the ability to grow, diversify and prove itself in international trade
Australia is among Vietnam's most important commercial partners (as partially proved in Vietnam's biggest investment in Australia than in any other countries) The relationship between Vietnam and Australia will improve Vietnam's exports while also contributing in the establishment of stronger bilateral and commercial ties between the two countries As an export-oriented economy, Australia has been promoting liberalized trade settings that give huge benefits for its trading partners This in turn provides Vietnamese enterprises a significant edge in exploiting this promising market in the post-epidemic phase Australia is on its way to becoming a clean energy export powerhouse, consolidating its status as a long-standing and trustworthy producer of energy and resources, while also exporting highly skilled talents in areas such as mining services and agricultural technology As noted in Chapter 2, Australia will export industries such as education, agriculture, energy, and vital minerals (including lithium and rare earths) to Vietnam So Vietnamese enterprises' reaction to the shift in Australia’s main sectors should be attainable and align with the development trend of its trading partner, which is Australia in this case
Liberalism and protectionism are the two extremes of many international trade policies And Australia is no exception when Australia has cleverly used its trade policies to both promote liberalization and protectionism for domestic goods
We can recognize that tariff and non- iff measures have been used by Australia to tar ensure the security of the domestic goods environment Australia maintains strict standards on hygiene and chemical content in many goods imported into this country, in addition to protecting consumer health, but also to protect Australian goods from the expansion of cheap price goods from Asia
Australia promotes liberalization through the issuance of many policies to eliminate tax rates for many types of goods, Australia also participates in many free trade agreements with many major markets in the world and this has helped It comes into play when Australia's import and export turnover has increased in recent years It is an important trading partner of many countries, including Vietnam
Exports account for 38% of Australia's GDP, so in the future, Australia's trade policies will focus on building mechanisms to support Australian businesses to export, especially in products that the country cannot export Australia has strengths such as minerals and energy In addition, Australia will also tend to gradually eliminate tariffs and relax non-tariff measures to be able to easily import products for domestic consumption and production, more importantly, to address input shortages for many industries in Australia
Vietnamese businesses, especially those who want to invest and do business in the Australian territory, should clearly understand the business environment and Australia's support policies in terms of technology, capital, and taxes to be able to penetrate into the country this potential market Besides, the Vietnamese government also needs to build a legal corridor to be able to catch investment capital from Australia through policies on infrastructure upgrading and supporting procedures
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