Australia has an overall positive economic relationship with many countries throughout the word which has helped them to become part of many trade and economic treaties. In 2021 Australia and the United Kingdom signed the Free Trade Agreement which made it easier for Australian citizens to operate in the UK market (Department of International Trade, 2021). This means making it easier for people to travel between the two countries for work, removing most tariffs on trade, and agreeing upon environmental policies when it comes to trade. Britain is Australia’s fourth largest two-way trading partner as well as one of their key defense and intelligence allies (Webb, 2022).
Besides the United Kingdom, Australia has a strong economic relationship with the European Union, the two groups are the largest two-way trading partners as well as their second largest investment partner (Calvert, 2003). In 2012 the trades of goods and services between Australia and the European Union reached a total of 18.6 billion dollars. Figure 5 below shows who Australia’s main individual trading partners are in the European Union from 2012 (Markovic, 2012). These statistics show just how important the economic relationship with the European Union is in Australia’s distribution of industrialization of wealth or their economic geography.
Figure 5
Graph of Australia’s Main Trading Partners
