The EU and Australia: prospects for a closer trade and economic partnership

Abstract

[Conclusion]:The experience of the EU through the construction of the single market and meeting the challenges of globalisation and international competitiveness are not dissimilar to the experience of Australia over the past 10 to 15 years in dealing with the same issues. Furthermore, the problems we both still face, eg; in meeting the economic and social consequences of re-structuring our economies are also similar. More focus bilaterally in comparing respective experience and prospects for dealing with these problems could be to the benefit of both sides. Competition policy and consumer protection policy are two specific areas where closer dialogue between Australia and the EU on comparing shared experience could yield particularly fruitful results. Experience in dealing with the challenges of globalisation could also have an impact on positions being taken by both the EU and Australia in the Doha WTO negotiations eg; on services. The history of ‘’Economic Europe’’ has been one of steady progress: Progress towards an open and liberal trade policy through; the strong relationship with the GATT/ WTO, reform of the CAP and close cooperation and competition with the United States Progress towards deep economic integration through the customs union, the single market program and monetary union Progress towards a position of trade and economic importance in the world second only to the United States through ; the powerful impetus to economic growth in Europe provided through the creation of a single integrated market in the EU and through the enlargement over the past 30 years from the original six to fifteen member states. These developments increasingly make the EU an ideal partner for Australia in closer cooperation. Closer cooperation would be of mutual benefit bilaterally. It would also be of mutual benefit multilaterally and regionally, especially with regard to our respective interaction with both the Asian region and with the United States. Show more