Why Australia Should Trade Way More With Taiwan
Date
10/25/2023 1:11:18 AM
(MENAFN- Asia Times) Even as the chokehold of Beijing's economic coercion
loosens , trade diversification
remains the mantra
in Canberra.
The Anthony Albanese government has picked up, with gusto, predecessor Scott Morrison's mission of getting Australian exports to more markets to offset perceived over-reliance on China.
In just shy of 18 months in the portfolio, Trade Minister Don Farrell has presided over the entry into force of free trade agreements with
India
and the
United Kingdom , as well as
pressing for progress
on negotiations with the European Union.
Meanwhile, Australia's free trade agreement with ASEAN and New Zealand is
being upgraded
and the
United Kingdom has joined
the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
Despite these trade wins, there's still a big Taiwan-shaped hole in Australia's efforts to moderate its export dependence on China. The Taiwanese economy sucked in a colossal AU$30 billion (US$19.1 billion) worth of Australian goods in 2022, making it Australia's fourth biggest merchandise export destination.
As well as eclipsing even India and the European Union, it was nearly 10 times more lucrative for Australian goods exporters than the United Kingdom and more than double as valuable as New Zealand.
Australia's goods exports to Taiwan's market of just under 24 million people were worth approximately 40% of the total goods exports to the 10-member state ASEAN market of 667 million people.
Representatives of members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership trade deal in March. Photo: Agencies
This doesn't mean that Australia should abandon or downplay the importance of free trade agreements with India , the European Union, the United Kingdom and others.
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