Economic diplomacy is at the core of the Australian Government's international engagement. It aims to enhance both Australia's prosperity and global prosperity.
Australia's economic diplomacy agenda is guided by four pillars:
TRADE – Pursue trade liberalisation through bilateral, regional and global trade agreements that open up new markets for Australian exporters and sustain a strong, rules-based architecture for global trade.
- The Government has established an ambitious trade agenda, pushing for greater trade liberalisation – both multilateral and through free trade agreements, and has increased aid for trade assistance in the aid program.
GROWTH – Support global growth, including by using Australia's aid program and other measures to promote economic reform and infrastructure, and through regional and global economic cooperation fora.
- As G20 president, Australia is leading efforts to increase GDP growth across the developed and developing world. Our development activities will prioritise programs that support economic growth as a path to development.
INVESTMENT – Promote investment into Australia and Australian investment internationally.
- Australia's prosperity has been built on two centuries of international investment. Attracting international investment will create new jobs and new industries to support our future prosperity. Our development activities help developing countries attract international investment to support economic growth.
BUSINESS – Advance the interests of Australian business overseas, the development of a stronger private sector in our region, and promote Australian tourism.
- The Government is enhancing the support we provide to Australian businesses in Australia and overseas. Our development activities promote sustainable growth in the private sector in developing countries.
Agencies across the Foreign Affairs and Trade portfolio make significant contributions to economic diplomacy by negotiating trade agreements, supporting business overseas, encouraging economic growth and job-creating reforms in developing countries, finding new investors into Australia, promoting tourism, and building linkages in agricultural research. Other agencies in the Australian Government which interact with the international economy also play an important role in this whole of government effort.
Economic Diplomacy activities across Australia's international relationships