Foreign policy for trade in Australia
Australia government has the nation’s interest at heart in implementing foreign policy for trade after Brexit to achieve goals through relations with the European Union. Australia focuses on promoting its trade deals with EU targets to maximize multilateral international cooperation trade benefits. Australia’s national interest is paramount; therefore, Australia continues to enhance its trade deals with EU post-Brexit to promote its trade objective.
Jafari & Britz (2020, p.34) asserts that the EU and Australia are natural partners with a unified rule of law, global norms commitment, and free and open markets. To this end, Australia is committed to trading with the EU and is already negotiating trade deals after Brexit. According to Firth (2020,p.67), as articulated in the Foreign policy White Paper, a strong EU is fundamental to Australia’s interest in promoting and protecting a rules-based international order. Therefore, Australia is pursuing an FTA with the EU as it firmly believes that they are like-minded, and their trade deal will be fruitful (Oppermann, Beasley & Kaarbo, 2020,p.140).To this end, even after Brexit, Australia prioritizes its relationship with the EU. Currently, Australia’s government ensures that the nation features prominently and positively on the EU’s radar. Australia’s government official position is that it enjoys a substantial and constructive relationship with the EU. Australia’s decision to commence FTA negotiations with the EU is a reflection of a healthy relationship.
Collins (2020, p.35) highlights that an FTA with the EU can open up Australian services and goods of a GDP of US$18.7 trillion and half a billion people. The EU and Australia FTA would give Australian business access to a broader market in the EU and provide exporters from Australia an advantageous market edge (Collins,2020, p.40). Therefore, Australian organizations and consumers stand to be beneficiaries of a free trade deal with the EU via more generous access to goods and services at relatively lower prices.