Explain Australia’s role in the bilateral and regional trade agreements.

Australia’s role in the bilateral and regional trade agreementsare follwing:

* In line with global trends, Australia has recently entered a number of new bilateral and regional trade agreements (BRTAs) and is negotiating several more.

* The Australian Government's approach has been to negotiate comprehensive agreements that seek substantial reductions in trade barriers.

* For merchandise trade, recent BRTAs have resulted in some significant bilateral tariff reductions both in Australia and in partner countries.

* For services and investment trade, BRTAs typically limit discrimination between suppliers.

* Australia's agreements have often also included provisions on matters such as intellectual property, competition policy and trade facilitation.

* Theoretical and quantitative analysis suggests that tariff preferences in BRTAs, if fully utilised, can significantly increase trade flows between partner countries, although some of this increase is typically offset by trade diversion from other countries.

* The increase in national income from preferential agreements is likely to be modest.

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