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The Influence Of Australia On The World Stage

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Australia on the World Stage
• In recent times Australia through trade and diplomacy and economic reforms adopted during the 1980s, has become an internationally competitive market economy.
• The key success to Australia’s growing economy is its services sector which is a significant part of its economy accounting for 70% gross domestic product (GDP)
• Despite having a population of 23 million, Australia is the world’s 12th biggest economy.
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• Australia was ranked 1th for both imports and exports in the world in 2010
• Leading source of mineral and energy

Australia’s Service Sector
• Australia is an excellent provider in the service sector which accounts for 70% of Australia’s (GDP) which employs 4 out of 5 Australians. The service sector …show more content…

Members include Australia, Argentina Brazil, Canada, China, Japan, France, Germany, Russia, Saudi Arabia, Turkey, United Kingdom, The United States and European Union.
• The G20 Members account for 86 percent of the world’s economy, 78 per cent of global trade and two-thirds of the world population.
• Australia places a high priority on the G20 for global economic cooperation. As Australia help the G20 presidency in 2014 on the 15th and 16th of November. During this period summit leaders agreed to set a goal to lift the G20’s GDP by 2 per cent by 2018. In turn this would add more than $2 trillion dollars to the global economy thus creating millions of jobs.

Who are Australia’s major trading partners?
Australia has had a high reliance on imports such as electrical utilities, machinery, office machines, telecommunication equipment transport equipment cars, computers, office machines crude petrol, petroleum products clothes and watches etc.
These are its top 15 two-way trading …show more content…

It is a deal of unprecedented scope that is 40% of the world’s economic output. This partnership aims to reduce tariffs deepen economic ties and foster close relationship on economic policies. The Obama administration treated it as a priority.
• Donald Trump signed an executive order to withdraw from the TPP thus fulfilled an election promise. The prime minister of Australia Malcom trump-bull said the withdrawal was a “big loss”. Then heads to parliament to ratify the agreement. Following this Bill Shorten said. The trade minister Steve Ciobo said that America’s leave of the TPP was really bad news for Australian exporters and that he on behalf of the turn bull government will do all it can to salvage the deal with other partners. And Canada has previously said that the TPP cannot legally progress without US involvement. The effects this leave on Australia should not be exaggerated because According to a work bank report in 2016 Australia’s economy was projected to get a boost of only 0.7$ by 2030 as a result of signing up to the TPP

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