Australia and Asia are natural partners and this has been proven over the centuries. Australia is the largest trade partner of Asia and according to trends soon it will topple Canada as the second largest investor.
Almost tow thirds of exports from Australia land as imports to the Asian nations. It is due to proximity and due to competitive pricing and policies.The Australian government has played a very important role in building the relationship.
- Reforms – Australia sensed the importance of Asian markets much before Europe and Americas. Hence policies were framed accordingly. The policies encourage trade with the Asian nations which are one of the most lucrative markets for companies all over the world. The decision taken with vision has helped Australia to become the biggest trade partner of Asian nations.
- Removing Restrictions – Australia has made special provisions to remove trade restrictions and that has helped to capture the markets in Asia. China one of the largest economies of the world has a long-term relation with Australia.
- Building a competitive workforce – Australia has made immigration laws better for Asian nations helping it to build a competitive workforce. The Asians have made Australia a place to invest due to lowered wage patterns.
The APEC (Asia-Pacific Economic Co-Operation) has also been responsible for building the trade relations. Australian economy has been robust due to strong presence in Asia even during the economic crisis which affected the whole world. Asia also benefited from the relation, and recovered quite quickly from the effects of the crisis. Australia and Asia are truly brothers economically. Read more here for updates.