Australia's movement towards free trade

Over the past quarter of the century, Australia has transformed from being a highly protected economy to being one of the least protected economy in the global world. The focus of the government's trade policy had been active participation in cooperative attempts to reduce global protection as seen by their active support in the World Trade Organisation and Asian Pacific Economic Cooperation forum. One of the more unique features of the Australian economy has been …

…that will result from opening the economy to imported goods. However, in the long run, these changes should provide stimulus to service industries when combined with a global shift to lower protection can provide significant opportunities for export oriented firms. These will provide long term benefits for the economy. There are growing signs that the strategic assistance of some key industries, is now resulting in a more competitive economy and progress on addressing external balances.