Issues, Constraints and Practical Options
Edited by Sisira Jayasuria, Donald MacLaren and Gary Magee
Chapter 4: Manufacturing Products and Related Issues in a Free Trade Agreement between China and Australia
1 Neville Norman This chapter addresses the most important issues effects and policy options arising from a China–Australia Free Trade Agreement (CAFTA) involving manufacturing industry. To perform this task requires some background appreciation of the developments in and setting of manufacturing industry in both countries, of existing trade and related barriers that might be removed and some important pointers from economic analysis. We bring all three things together in this chapter. We also incorporate some recent findings from other situations of adjustment to significant trade policy changes to assist in predicting economic consequences and business and political sensitivities. The purpose is also to identify some tensions and negotiation issues that are specific to manufacturing in the context of the proposed CAFTA. We show that the product, industry and business setting for manufacturing is in many ways distinctly different from the agricultural, resources and services sectors, which are treated separately in this volume. Moreover, some recent trends in manufacturing trade policy issues have not been captured in the standard trade theory that is the usual framework for conducting exercises of this kind. We outline those trends and features as important ingredients for assessing and shaping the CAFTA and similar future free trade agreements (FTAs). The context for this study is a global scene for trade policy dominated by the emergence and execution of many FTAs, including Australia’s long-established FTA with New Zealand and the implementation of its FTA with the United States. Equally, China has invoked and is in the...
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