Australia 's Free Trade Agreements Essay

775 Words Dec 9th, 2016 4 Pages
Australia has numerous free trade agreements (FTAs) with other countries throughout the world to reduce trade barriers. These currently include countries such as China, South Korea, Japan, Chile, New Zealand, Thailand, Vietnam and the U.S. Aside from Australia’s FTAs, Australia still manages business with other international countries such as India, Indonesia and other pacific partners. Additionally, Australia is amongst the countries negotiating the Trans-Pacific Partnership (TPP) - the biggest regional trade pact ever attempted including twelve pacific rim countries. On February 4th, 2016 the TPP was signed by all twelve members, including Australia. It is yet to be determined how recent elections across the globe will impact whether TPP actually becomes a reality.

Tariff, Import & Export Barriers
As it relates to imports, Australia has established guidelines in regards to how goods are labeled when entering their country. Under the Customs Tariff Act 1995, any goods imported into Australia must require classification. Imported goods may be subject to fees and taxes depending on the type and value of the products. Additionally, goods containing industrial chemicals, such as adhesives and plastics, may carry special restrictions and will require additional registration.

Market Profile
As more and more Australians are exploring the benefits of exercise, the fitness industry in general is growing rapidly. Australia is the fourth largest CrossFit market based on…

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