Australia’s reputation as an ideal destination for trade and investment was further strengthened this week with the release of a new report by the Australian Trade and Investment Commission (Austrade).
The 2024 Why Australia Benchmark Report outlines Australia’s competitive advantages, drawing on key economic, financial, social and demographic data from respected sources.
Follow this link for a PDF copy of The 2024 Why Australia Benchmark Report.
Austrade highlights these global rankings:
- #1 Legal system – A transparent and fair legal system
- #1 for adopting and adapting frontier technologies
- #4 for talent attractiveness
- 5th-most attractive destination for investment in renewable energy
- 2nd largest exporter of energy and resources
- 6th largest producer of solar energy
- 18 free trade agreements (FTAs)
- Australian dollar is the 6th-most traded currency worldwide
Australia is also at the forefront of efforts to adopt modern trade standards, ranking 3rd in the United Nations’ Trade Digitalization Index.
Strong global ties make Australia a prosperous trading nation. Today, our international trade is worth the equivalent of around 48% of Australia’s GDP. Our robust economic outlook partly reflects the prosperity of Asia, with Australia enjoying the trade benefits of being close to many of the fastest growing economies in the world.
Most of Australia’s principal export partners are located in Northeast and Southeast Asia, and a network of 18 Free Trade Agreements (FTAs) gives Australian companies preferential access to these fast-growing markets. They include bilateral agreements with our principal trading partners such as the US, China, Korea, Japan and Singapore. Asia’s middle class is growing strongly with an anticipated 3 billion consumers by 2030.
Australia is also a member of regional multi-party trade agreements. These include the Regional Comprehensive Economic Partnership Agreement (RCEP), which is a free trade agreement with 14 Asia-Pacific countries, as well as the ASEAN- Australia-New Zealand Free Trade Area (AANZFTA) agreement.
Two recent FTAs are set to boost trade with strategic partners. Australia became the first developed economy to sign an FTA with India when the Australia-India Economic Cooperation and Trade Agreement (ECTA) came into force in December 2022. The Australia-United Kingdom Free Trade Agreement (A-UKFTA) came into force in mid-2023, which will transform trade in agriculture and services.
Our strengths in international trade are broad based, being a major exporter of resources, energy and agrifood. The value of Australia’s exports of beef, wheat, sugar, barley and other food is likely to reach A$72 billion in 2023-24. Quality is our competitive advantage with Australia’s efficient and tech-friendly farming earning us a global reputation for high standards. Customers are willing to pay a premium for our produce – including a growing middle-class population in Southeast Asia.
Australia is now the 2nd-largest exporter of energy and resources globally. Our nation leads the world in iron ore exports, which are now worth US$90 billion and contribute a remarkable 40% of Australia’s goods exports. With the largest identified reserves of iron ore – including magnetite and high-grade hematite – Australia is perfectly positioned to drive the production of green steel.
Strong global ties make us a prosperous trading nation. Australia is forecast to continue to outperform our peers over the next five years to 2029. Other solid fundamentals include low taxes and the top ranked legal system in the world. This offers predictability and protection for traders and investors.
Also see our recent related article: Australian Export Milestones.
For more information about international shipping and trade contact us here at Colless Young. As licensed Customs Brokers and Freight Forwarders we offer correct, professional advice on all your transportation requirements. We are based in Brisbane and provide a complete range of logistics services, both airfreight and sea cargo, through all Australian ports and airports.
