Table of Contents

Regionalism, Trade and Economic Development in the Asia-Pacific Region

Regionalism, Trade and Economic Development in the Asia-Pacific Region

Edited by M. A.B. Siddique

This book is based on the premise that Regional Trade Agreements (RTAs) in the Asia-Pacific significantly impact on the material progress of the peoples of this region. These impacts – in terms of the benefits and costs associated with RTAs – will vary greatly from country to country. The internationally acclaimed contributors examine the theoretical perspective of RTAs in relation to exchange rates, the role and goals of the WTO and agriculture.

Chapter 14: Multilateral Consequences of Bilateral Trade Agreements: AUSFTA and the Australian Wool Industry

John Stanton, M.A.B. Siddique and Emma Kopke

Subjects: asian studies, asian development, asian economics, development studies, asian development, economics and finance, asian economics, international economics, regional economics, urban and regional studies, regional economics

Extract

John Stanton, M.A.B. Siddique, Emma Kopke and Nazrul Islam INTRODUCTION This chapter examines the third country effect of a free trade agreement between Australia and the USA (AUSFTA) using the Australian wool industry as an example. Without considering the third country effect, an attempt to evaluate the outcome of an RTA may be superficial. The Australian wool industry was selected because of the degree of product transformation of Australian wool that occurs in third countries prior to being imported into the USA, and the significance of the Australian wool industry in the international wool textile market. The chapter is divided into three sections. The next section examines the bilateral and multilateral relevance and importance of AUSFTA, and the issues pertaining to the Australian wool industry from a third country perspective are discussed in the third section. The chapter ends with some concluding remarks. THE BILATERAL AND MULTILATERAL RELEVANCE AND IMPORTANCE OF A FREE TRADE AGREEMENT BETWEEN AUSTRALIA AND THE USA Traditionally Australia and the United States have experienced a close relationship with one another in many areas, including defence, a commitment to democracy and international security, and the reduction of trading barriers. These links have been reinforced recently by events surrounding the war on terror, with Australia’s support for the USA and involvement in the war in Iraq highlighting the commitment and friendship between the two 206 Multilateral consequences of bilateral trade agreements 207 nations. On top of all these relations, the closer economic ties between...

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