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ID:
106009
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| Publication |
2011.
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| Summary/Abstract |
The recent rise in Chinese outward direct investment (ODI) has significant global implications and impacts on host country policy. The present paper attempts to provide a theoretical basis and to define a robust econometric approach to assess the performance and potential of Chinese ODI. In this paper, foreign direct investment (FDI) performance is estimated using a frontier FDI model to measure how foreign investors, especially China, and the recipients of this direct investment perform relative to a benchmark of potential FDI. The results show that Chinese ODI achieves less of its potential compared with other investors. However, its ODI to Australia has performed much better than investment to other destinations. The results suggest that Chinese policy-makers should look at the pattern of China's ODI and, in light of superior performance in destinations like Australia, adjust policy strategies and institutional arrangements to enhance performance and reduce barriers to Chinese ODI.
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| 2 |
ID:
140721
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| Summary/Abstract |
The Australia–United States Free Trade Agreement (AUSFTA) came into effect in 2005. It was the second preferential trade agreement that Australia signed, after its agreement with Singapore, and marked a departure from the primacy of Australia's previous trade policy of unilateral and multilateral trade liberalisation toward preferential liberalisation. This paper assesses the economic effects of AUSFTA by applying the Productivity Commission's gravity model of trade from its Bilateral and Regional Trade Agreements review. The evidence reveals AUSFTA resulted in a fall in Australian and US trade with the rest of the world—that the agreement led to trade diversion. Estimates also show that AUSFTA is associated with a reduction in trade between Australia and the United States.
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| 3 |
ID:
190706
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| Summary/Abstract |
Perceived threats to sovereignty stemming from trade exposure to China have led to calls for the Australian government to embrace the concept of ‘trusted trade’. This involves using policy levers to drive trade towards markets that have capitals more geopolitically aligned with Canberra and finds practical expression in forms such as ‘friend-shored’ supply chains. A theme of ‘trusted trade’ advocacy is the conscription of existing security-oriented partnerships, including the ANZUS alliance, the Quad grouping and the Five Eyes intelligence-sharing arrangement, to take on economic dimensions. While holding superficial appeal, this paper details why pursuing this policy path would be to learn the wrong lessons from Beijing’s campaign of trade disruption that began in May 2020, and make Australia both poorer and less secure. Three key data points are highlighted that collectively support an assessment that the Australian government’s traditional trade policy approach, emphasising open regionalism, remains overwhelmingly fit for purpose.
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| 4 |
ID:
098385
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