Word: fta
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Dates: during 2000-2009
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...sofa in his Parliament House office, Foreign Minister Downer has the answer to that one down pat: "We get imports more cheaply, and we get better access to their export markets. There's no doubt that the net impact on our economy would be very positive." And politically? "An FTA is a way of building a very strong bond with a country," Downer says. He believes the Chinese view Australia as more important to them than before, while Canberra's friendship with Washington gives it "gravitas" in the region. "As China's economic power has grown," Downer says...
...want to seize them." Two-way trade has tripled in value since 1998. Despite Australia's growing dependence on China, its share of all the goods going into the People's Republic is a mere 2%. Downer sees no reason why the two nations shouldn't enter into the FTA talks as equals. Fu is not so sure. "The biggest difference we have is the gap in per capita income," she says. "So Australia should always remember that it is dealing with a very poor country. If Australia wants to keep China as a friend, it has to understand...
...confirm this. "It's not about Mark, it's not about supporting Howard, it's about policy ideas," he insists. The story, it's agreed, will be vigorously chased. Washington correspondent Roy Eccleston is called, late at night his time, and asked to write a piece on the FTA vote - straight away. The clock ticks...
...Will the FTA get legislative approval? Despite the flaws and compromises, the deal deserves to become law. But it's an election year in both countries, and time is running out for law makers. Democratic candidate John Kerry and Labor Opposition leader Mark Latham are free traders at heart (who knows - President-elect Kerry and Prime Minister Latham may be congratulating each other come New Year's Day). But the anti-free-trade scaremongers and interest groups will be shouting louder this year than the champions of an almost-free trade agreement. It's just too tight to call...
What's the bottom line? An FTA brings two countries closer. Its hundreds of minor concessions may go almost unnoticed at the time yet one day add up to something big. These tiny changes could mean the difference in getting a small business up and away, or be the start for such intangibles as new friendships, networks, and marriages. The deal could become the basis for further talks that again create winners and losers on both sides. Or the current agreement itself may be the high point; officials in both countries will explore new trade frontiers elsewhere. It's premature...