Trade liberalisation and economic reform have been at the heart of Australian Government policy for decades.

Until the 1960s, Britain and the United States were Australia's main trading partners. Today the emphasis of Australia's trade has shifted to Asia, with four out of five of Australia's top trading partners located there. China, Japan, the United States, the Republic of Korea and Singapore are now Australia's largest trading partners.

Australia has a very open market with minimal restrictions on imports of goods and services. This has increased productivity, stimulated growth and made the economy more flexible and dynamic.

Australia has developed a competitive edge in a range of goods and services, from high-technology products such as medical and scientific equipment through to high-quality wine and processed food. Major services exports include education and tourism, and professional and financial services. Services by Australian companies operating overseas provide a major contribution to Australia's economy.

Australia continues to push ahead with trade liberalisation—unilaterally, bilaterally and multilaterally. This will strengthen international economic collaboration, reduce the risks facing the global economy, and bolster growth. Australia plays an active role in the WTO, APEC, the G20 and other trade related forums. Australia has also negotiated bilateral and regional trade agreements with a wide range of countries to strengthen trade and investment flows.

Free Trade Agreements

Australia has free trade agreements (FTAs) in force with New Zealand, Singapore, Thailand, the United States, Chile, Malaysia and ASEAN (with New Zealand). FTA negotiations with Korea and Japan were concluded in 2014. The countries covered by these FTAs account for 42 per cent of Australia's total trade.

Australia is engaged in seven FTA negotiations—three bilateral FTA negotiations with China, India and Indonesia, and four plurilateral FTA negotiations with the Trans-Pacific Partnership Agreement, the Gulf Cooperation Council, the Pacific Trade and Economic Agreement (PACER Plus), and the Regional Comprehensive Economic Partnership Agreement.

Mining and resources

With abundant resources, skilled professionals and cutting-edge technology, Australia is a leader in the global mining industry and is among the largest producers of bauxite, iron and zinc ore, nickel and gold. Australia is also a major supplier of energy, including coal, natural gas and uranium.

In 2013, the mining sector accounted for approximately 11 per cent of the Australian economy (based on industry value added at basic prices) and minerals and fuels accounted for 50 per cent of Australia's exports. The sector is expanding, driven by a huge demand for raw materials from the rapidly growing economies of Asia.

The scale of Australia's resources industry has helped the country become a world leader in the development and manufacture of mining equipment, technology and services. Australian firms are competitive across the supply chain, including in exploration, engineering, processing, environmental management, mine safety, training, and research and development.

• www.austrade.gov.au
• www.dfat.gov.au/trade