Australia’s Trade Through Time

Of the 23.9 million litres of wine that are produced in Australia, 3.9 million litres are exported. The United Kingdom and New Zealand are Australia's two principal export markets.

The Customs Tariff Act establishes high tariff barriers for many manufactured goods imports into Australia, ranging from metals and machinery to oils and paints, horse-drawn vehicles and clothing. The average tariff was 22.9%. The Act also ensures uniform rates of customs duty apply across all of the previously independent states. Customs duties on merchandise imports are called tariffs. Tariffs give a price advantage to locally-produced goods over similar goods which are imported, and they raise revenues for governments.

The Commonwealth of Australia is created when the former British colonies—Australia’s six states—agree to federate on 1 January 1901.

Newly federated Australia exports 122,794kg of gold. Key destinations include the United Kingdom, India, Ceylon (modern Sri Lanka) and Cape Colony (modern South Africa).

Duties between the states of newly federated Australia are abolished. The new constitution makes trade between states free and gives the Commonwealth exclusive power to levy customs and excise duties on goods crossing Australia’s borders.

The United Kingdom is Australia's number one trading partner in 1901. Total trade with the United Kingdom is five times greater than that of Australia's second largest trading partner, the United States.

Apparels and textiles make up approximately 28% of imports and represent the largest share of imports. Other significant imports include metals and machinery (mostly boilers and pumps), which account for approximately 20% of imports.

The Customs Tariff 1908 gives preferential treatment to British goods.

The Australian Free Trade Party is dissolved. The Party argued that removing restrictions on trade would increase prosperity for all Australians.

The Protectionist Party is dissolved after an internal split. The Party argued that tariffs were needed to allow Australian industry to grow and provide employment.

Australia is the world's leading exporter of zinc ore and concentrate, accounting for 48% of world exports.

Australia's statistical trade year is altered from a calendar year to financial year basis, to align more closely with Australia's export season for staple agricultural and pastoral products.

The Australian Government places an embargo on sugar imports. The embargo is not lifted until 1989, when tariffs are implemented.

Australian wool is urgently needed for military uniforms and blankets in World War I. The British Government purchases the entire Australian wool clip at a high fixed price for the duration of the war.

Henry Braddon (later Sir Henry) is appointed as the first Australian Government commercial representative in the United States and sets up office in New York. Reporting directly to the Prime Minister, his immediate concern is to handle negotiations with American shipbuilders for the supply of 14 ships for the Commonwealth Shipping Line.

The United Kingdom purchases around 50% of Australia’s wool, Japan and the United States are also large buyers. Australia produces just under half of the world’s merino wool.

In 1919 – 1920 Australia records a merchandise trade surplus of $107.1 million, the largest merchandise trade surplus since federation.

Australia’s first Trade Commissioner to China, Edward S. Little, is appointed and sets up office in Shanghai as post-war pessimism about Europe leads Australian exporters to look to opportunities in the ‘East’.

Australia's Tariff Board, precursor to the Industries Assistance Commission and its successors, is established by the Tariff Board Act 1921 to advise the Commonwealth Government on questions of assistance for import competing industries.

Australia and New Zealand sign the first of many trade agreements. Australia lowers tariffs on select New Zealand items and gains duty free entry to New Zealand for timber.

A trade treaty between Australia and Canada is agreed. Canada grants preferential tariffs to a range of Australian imports, including beeswax, eucalyptus oil, butter, sugar and wine.

Two-way trade with the US increases fourfold since 1900. By 1933-34 trade will decrease to 1900 levels as the Great Depression hits and protectionist measures take hold globally.

The Customs Tariff is amended to increase the customs duties payable on ale, spirits, beverages, tobacco, silk, petroleum and motor chassis.

A Commercial Representative for Australia is appointed to Canada but is abolished in 1940 in favour of an Australian Trade Commissioner for North America, based in New York.

In the 1930s Australia’s top export is wool, which comprises approximately 30% of the total value of Australia’s exports of merchandise trade.

The price of the Australian pound is pegged against the British pound at a rate of A£1.25 to UK£1.

The Ottawa Agreements on trade policy are negotiated between the United Kingdom and Commonwealth countries, including Australia, and formally establish a preferential trading system within the British Empire.

In 1933-34, Japan's purchases of Australian wool account for two-thirds of Australia's exports to Asia.

Robert H. Nesbitt is appointed Trade Commissioner in Wellington to cultivate Australia-New Zealand trade and to handle a number of sensitive issues of trade diplomacy.

Australia's Trade Commissioner Service is formally established under the Trade Representatives Act 1933, which provides for the appointment of overseas trade representatives for the Commonwealth Government.

Australia produces 4% of the world's wheat but accounts for 18% of world wheat exports.

Lieutenant-Colonel Eric Longfield Lloyd is appointed to the office of Australia’s Trade Commissioner in Tokyo.

Experienced Trade Commissioner Charles Critchley is appointed to Batavia (now Jakarta) in the Netherlands East Indies (now Indonesia), where Australia’s primary exports are flour and butter, followed by ham, fresh fruit, leather and biscuits.

Colonel Cyril E. Hughes is appointed Australian Trade Commissioner to Egypt, with responsibility for the Sudan, Palestine, Cyprus, Iraq, Syria, Iran, Greece and Turkey.

Australia sends a trade delegation to India, Burma (now Myanmar) and Ceylon (now Sri Lanka) but reports limited opportunities.

The Australian Government places an embargo on all iron ore exports to conserve resources for domestic use. Reserves are thought to be low.

Valued at $93.8 million, wool exports represent 30% of the total value of Australia’s merchandise trade exports.

Having been the representative of the Australian National Travel Association in Bombay since 1937, H. Roy Gollan is appointed Australian Government Trade Commissioner in India in December 1939.

All of Australia’s wool exports are purchased by the United Kingdom during World War II. Australian shearers are prohibited from volunteering for war service.

The value of Australian exports increase significantly since the 1910s. Agricultural exports expand by 151% since 1913.

The Australia-New Zealand Agreement is signed by Minister for External Affairs, H.V. Evatt in Canberra on 21 January 1944. The Australia-New Zealand Pacific Security Pact (Canberra Pact) was not a military alliance. Its focus was on working together on issues of mutual interest, in particular the post-war fate of the Pacific islands.

Charles Critchley is appointed the first Australian Trade Commissioner in London. Critchley is Australia’s most experienced commissioner, having served in Canada, the Netherlands East Indies and New Zealand.

Foreign investment in Australia starts to diversify, though 73% of the investment stock is sourced from the United Kingdom. The United States (with 15% of foreign investment in Australia) grows in importance in the coming half century. In 1949, Australia’s own investments abroad are heavily weighted toward New Zealand (41%) and the UK (29%).

The Colombo Plan is established by Australia, Canada, India, Pakistan, New Zealand, Sri Lanka and the United Kingdom as an aid initiative. The plan is led by Foreign Affairs Minister Percy Spender and brings a large number of students from Asia to Australian tertiary institutions, boosting economic and cultural engagement between Australia and the region. It operates until 1957, by which time the seven founding nations had been joined by Burma, Cambodia, Indonesia, Japan, Laos, the Philippines, the United States, Vietnam and Thailand.

Australia substantially expands its agricultural industries throughout the 1950s as a result of improved pastures and the use of fertilisers.

Australian wool achieves all-time record price of 144.2 pence per pound (around $37 per kilogram in 2002-03 prices) following the outbreak of the Korean War and increased demand for wool. Exports equal about 30% of GDP (10 years later, the level will be around 15% of GDP). The wool boom leads to nominal wage growth of 19% in 1950 and a trade surplus.

Australia’s terms of trade reach their second-highest peak - 65% higher than the 20th century average. Key exports are wool, wheat, sugar and beef.

Australia enters into recession following the end of the Korean War wool boom as wool prices almost halve in value. The recession ends in 1952.

The Department of Trade calculates that by the mid-1950s, advantages flowing to Britain from the 1932 Ottawa Agreement are significantly greater than those flowing to Australia. The agreement is renegotiated and Australia’s preferences to the United Kingdom are reduced, allowing Australia to import from a wider group of countries and broaden its export base.

Minister for Trade, John McEwen, signs the Australia-Japan Commerce Agreement, providing the basis for growth in trade relations between the two countries. Just one decade after its signing, Japan overtook the United Kingdom to become Australia’s largest export market.

The Government of Australia and the Federal Republic of Germany sign a bilateral trade agreement.

Japan overtakes the United Kingdom as the largest buyer of Australian wool

Most of Australia's quantitative import restrictions introduced in the late 1930s and 1950s are removed. The Australian Government announces a case-by-case approach to requests by industry for temporary emergency assistance in the form of tariffs. Government policy shifts again, away from direct import and tariff protection towards domestic assistance, such as production quotas and government subsidies (for example the tobacco, wheat and dairy industry schemes).

The lifting of the 1938 embargo on iron ore exports in 1960 sees a boom in iron ore exploration. Key discoveries include the Koolanooka deposit in the Yilgarn in 1961, and Mt Tom Price in the Pilbara region in 1962. Iron ore will become Australia’s most valuable export by 2010.

The reduction of high interest rates and relaxation of import restrictions results in a rise in imports to Australia.

Australia identifies South America and the Middle East as regions of export potential, and dispatches trade missions to both regions in the early 1960s. The trade missions visit Argentina, Brazil, Chile, Colombia, Ecuador, Peru, Uruguay and Venezuela as well as a number of countries in the Middle East and eastern Mediterranean.

The Export Development Council launches the inaugural Australian Export Awards – to recognise Australian companies with outstanding achievement in exporting.

Reflecting the growing importance of the Australia-Japan trade relationship, the Australia-Japan Commerce Agreement, first signed in 1957, is renegotiated to promote greater trade. Trade with Japan grew over 11% per annum from 1956-57 to 1962-63.

Australia and Korea sign a trade agreement in Seoul. Bilateral trade between the two countries totals just $7 million in 1965-66, but will grow to $32 billion by 2012.

The New Zealand-Australia Free Trade Agreement enters into force, leading to the removal of 80% of tariffs and quantitative trade restrictions by the late 1970s.

Beryl Wilson becomes Australia's first female Trade Commissioner when she is appointed to Los Angeles, in the United States. After ten years as a highly-regarded officer in San Francisco, Wilson was appointed an Assistant Commissioner in 1964.

The first purpose built container vessel, the Encounter Bay, visits Australia bringing goods from Europe. The vessel departed Rotterdam container terminal on 6 March 1969 and arrived at Fremantle on 28 March, Sydney on 3 April, and Melbourne on 10 April 1969. Prior to containerisation there was no standardised mechanism for the transport of goods. Goods arrived on the docks in various weights and sizes in barrels, sacks, crates, baskets and on pallets. They were loaded onto slings and hauled aboard. The advent of the standardised sizing system for the shipping container increased efficiency and lowered prices.

A record 180 million sheep produce approximately 890,000 tonnes of wool, but low international prices hit Australian producers.

Australia joins the Organisation for Economic Cooperation and Development (OECD). Australia had been a member of the OECD’s Development Assistance Committee since 1966.

Australia's trade relationship with Japan strengthens. Japan displaces the United Kingdom as Australia's largest two-way trading partner.

Australia announces the withdrawal of a range of preferences to the United Kingdom and the termination of the United Kingdom-Australia Trade Agreement as the United Kingdom prepares to join the European Economic Community (EEC) in 1973.

Agriculture exports make up 44% of Australia’s exports, with mining exports at 17.9%. However, these proportions will more than reverse over the next 40 years.

Australian exporters experience tougher conditions as the European Economic Community (EEC) subjects non-members to import restrictions. Australia's agricultural exports begin to lose market share in Europe.

An across-the-board 25% tariff cut is implemented in Australia to reduce the cost of imports and control high inflation.

An Australian Trade Commissioner's post is opened in Beijing, as part of the newly-established Australian embassy.

The Export Finance and Insurance Corporation (EFIC) is established to help Australian exporters overcome financial barriers.

The Papua New Guinea-Australia Trade and Commercial Relations Agreement is signed following Papua New Guinea’s independence in 1975.

The Basic Treaty of Friendship and Cooperation, also known as the NARA Treaty (Nippon-Australia Relations Agreement), is signed with Japan in Tokyo.

Exports to Japan reach a record 30% of Australia's total goods and services exports.

China becomes Australia's sixth largest trading partner as the Chinese government embarks on a major program of economic reform. China becomes Australia's top trading partner in 2006.

The Export Expansion Grants Scheme is created to promote growth in exports through grants to Australian exporters.

The South Pacific Regional Trade and Economic Cooperation Agreement (SPARTECA) enters into force in Australia. It aims to increase exports from South Pacific Forum Island countries to Australia and New Zealand.

Investment in mining, which started to pick up in the late 1970s, increases sharply.

The Australia-New Zealand Closer Economic Relations Trade Agreement (ANZCERTA or the CER Agreement) enters into force. It is recognised by the World Trade Organization as among the world's most comprehensive, effective and multilaterally compatible free trade agreements.

The Australian dollar is floated, integrating the Australian economy more fully with the international economy.

The rate of tariff protection for the Australian automotive industry peaks in the 1980s at 57.5%, prior to the phased reductions under the Button Plan. This rate was applied from 1979 until 1988.

The ‘Australian Made, Australian Grown’ logo is launched, and is now used by more than 1,700 companies on some 10,000 products.

The Australian Trade Commission (Austrade) is established under the Australian Trade Commission Act 1985.

The Cairns Group of 14 agricultural exporting countries is established to facilitate liberalisation of global trade in agricultural commodities. Australia chairs this coalition of developed and developing countries from Latin America, Africa and the Asia Pacific region. It later expands to 19 members.

The Department of Foreign Affairs and Trade is established when the Department of Trade and the Department of Foreign Affairs are merged.

Major tariff cuts are announced to take place over four years. By 1992 tariffs are to be reduced to 10%, with some exceptions, including in the textile, clothing and footwear and passenger motor vehicle sectors.

The growth of inbound tourist arrivals to Australia hits an all-time high of 26% following a decade of strong growth (Paul Hogan’s “put another shrimp on the barbie” Tourism Australia commercial is a defining feature).

The Asia-Pacific Economic Cooperation (APEC) forum begins in 1989 as an informal ministerial-level dialogue group with 12 members. Australia hosts the inaugural annual meeting in Canberra after the Australian Government calls for more economic integration in the region. APEC soon becomes the premier forum to discuss trade and investment liberalisation in the Asia-Pacific.

The Protocol on Trade in Services to the Australia-New Zealand Closer Economic Relations Trade Agreement comes into effect, allowing most services to be traded free of restriction across the Tasman.

Ross Garnaut's Australia and the Northeast Asian Ascendancy report advocates closer trade ties with countries in north-east Asia and looks forward to the removal of all industry protection by the end of the century, including in the sensitive industries of textiles, clothing and footwear, and motor vehicles.

Between 1990 and 1999 the volume of Australia's manufactured exports grows at 12.7% per annum.

International tourist numbers double to Australia over the previous decade and will double again over the next.

Australia’s major tariff reform continues with the government’s announcement that protection for most manufactured goods will be phased down to 5% by 1996.

Australia and the United States conclude negotiations on a trade and investment framework arrangement.

Australia removes the last import quotas on textile, clothing and footwear products.

Australia exports over 503,000 kg of gold. This is five times the amount of gold discovered during the peak of Victoria’s gold rush in 1856.

Australia’s trade in services hits 24.8% of total exports in 1998-99, up from 13.2% in 1972-73.

The United Kingdom accounts for 35% of investment stock in Australia (down from 73% in 1949), but the US’ share has doubled to 32% since 1949. The sources of foreign investment have diversified with Japan (5.4%), the Netherlands (3%), Germany (2.2%) and Switzerland (2.1%) accounting for significant investments in Australia. Over the coming decade, Australia’s investment profile continues to diversify with investments by China, India, Singapore and the Republic of Korea.

Australia’s own investment overseas has changed significantly since 1949, with 41% of our foreign investment going to the United States (up from only 1% in 1949), while investment in the United Kingdom remains steady at 24%. But 27% of our foreign investment sits in countries such as Japan (4.6%), Hong Kong (SAR of China) (2.8%) and the Netherlands (2.6%).

Australia enjoys a sustained economic boom averaging 3.9% GDP growth per annum (between 1990-91 and 2000-01). The boom is attributed to economic reforms introduced in the 1980s and 1990s, and growth in resources exports to East Asia.

Foreign investment stock in Australia reaches $677 billion, or the equivalent of over $35,500 per Australian.

Australia’s textile, clothing and footwear (TCF) market is increasingly dominated by imports. Imports’ share of clothing grows from 19% to 45% while footwear leaps from 35% to 65% and finished textiles from 18% to 32% over the decade to 2001.

Australia ratifies the Pacific Agreement on Closer Economic Relations (PACER). The agreement deepens trade and investment between the members of the Pacific Island Forum.

Total Australian dairy exports increase 200% since 1990.

For the first time 300,000 international students are enrolled in Australian education institutions. Key source countries include China, India and Association of Southeast Asian Nations (ASEAN) countries.

Australia grants duty- and quota-free access to all products originating in least-developed countries (LDCs) and Timor-Leste from 1 July.

The Singapore-Australia Free Trade Agreement enters into force on 28 July. Australia’s two way trade with Singapore will grow 113% between 2002-03 and 2012 (from $13.6 billion to $29.1 billion).

Australia's tariff reduction causes a spike in automotive imports.

Using the World Trade Organization's Dispute Settlement system, this case resulted in the European Union reducing export subsidies given to its sugar industry, thereby making it easier for other sugar producers to compete in the global sugar market.

The rate of tariff protection for the Australian automotive industry is reduced to 10%, from a peak of 57% in 1984, under the ‘Button Plan’. Tariffs on textiles and footwear are also reduced to 10%, while those on clothing fall to 15%.

The Australia-United States Free Trade Agreement (AUSFTA) and the Thailand-Australia Free Trade Agreement (TAFTA) enter into force on 1 January.

Over the previous decade Australia's exports of iron ore grow 25% faster than total world exports of iron ore.

The children's entertainment group The Wiggles is named Australia's Exporter of the Year.

China overtakes Japan to become Australia’s largest two-way trading partner.

2007 marks 200 years since the first Australian wool export to England was sent by Captain Macarthur in 1807.

Australia’s total wheat exports represent around 15% of world wheat trade. Australia exports wheat to over 40 countries.

Clifford Possum's painting ‘Warlugulong’ sells for $2.4 million at a Sotheby’s auction in Melbourne – a record high price for art by an Indigenous Australian. Sotherby’s estimates that half of all bidders of Indigenous art auctions are from overseas. Indigenous art is a significant Australian cultural export.

Australia’s wine exports hit a record value at $2.9 billion – up from $605 million in 1997.

International student numbers hit a new record of 630,000. Australia’s international education activities generate over $15 billion of export income annually and supports more than 100,000 jobs.

A record 6 million short-term (staying for less than one year) arrivals are recorded, an increase of two million from 1998. In 2008-09 tourism accounts for 3.4% of Australia’s GDP.

The Australia-Chile Free Trade Agreement enters into force on 6 March 2009.

The ASEAN-Australia-New Zealand Free Trade Area (AANZFTA), Australia's first plurilateral trade agreement, enters into force on 1 January.

The Australian dollar reaches parity with the US dollar for the first time since it was first floated in 1983.

The number of Australian residents travelling overseas grows at an unprecedented rate. Since 2003, the annual increase in the number of Australians going overseas on short-term departures (holidays and business travel) averages 11% per year compared to just 4% per year for the 13 years prior.

Iron ore overtakes coal to become Australia’s most valuable export, with $49.4 billion worth exported to overseas markets.

Australia exports a record 799 million litres of wine, more than a nine-fold increase on the 88 million litres exported in 1992.

Rate of tariff protection for the car industry is reduced to 5% on 1 January.

Australia enjoys record terms-of-trade, reaching 140 year highs. It is driven by exports of minerals, fuels, and education services.

Asia accounts for two-thirds of Australia’s trade in goods, an increase of 46% since 1960.

Mining boom increases iron ore exports to 20.5% of Australia’s total exports, up from just 3.3% in 2001.

The value of Australia’s merchandise trade with China tops $100 billion for the first time.

The Asia-Pacific Economic Cooperation (APEC) forum agrees on a list of environmental goods for tariff liberalisation by 2015.

Australia's coal exports make up over 37% of global coal exports. In 2012-13 a massive 335 million tonnes of coal is shipped from Australian ports and Australia is the world’s largest exporter of metallurgical coal used in steel production.

Australia ranks as the 12th largest economy in the world, up from 15th in 2006 (at market exchange rates).

Automotive exports contract by an annual average of 3.9% over 10 years to 2012, while imports grow by an average of 4.9%.

More than half a million Chinese tourists travel to Australia, an increase of 177% from 2001.

Education services continue as Australia's top services export with 402,388 international students studying in Australia, mostly from: China (29.5%), India (9.2%) and the Republic of Korea (5.2%)

Australia exports a record 22.9 million tonnes of wheat - 22 times more wheat than Australia exported in 1910. Key customers include Indonesia, China and the Republic of Korea.

The Malaysia-Australia Free Trade Agreement enters into force.

Over the past 40 years minerals and energy have grown to be 48.6% of Australia's exports, with agriculture reduced to 11.6%, a reversal of the situation in 1973.

Australia signs a bilateral free trade agreement with Korea, our fourth largest trading partner. Bilateral trade is valued at over $32 billion in 2013.

Australia signs a bilateral Economic Partnership Agreement with Japan, our second largest trading partner. Bilateral trade is valued at over $70 billion in 2013.

Australia hosts the G20, with over 25 Leaders and heads of international organisations attending.

Australia concludes a bilateral Free Trade Agreement with China, our largest trading partner, at a ceremony attended by Chinese President Xi Jinping in Canberra. Bilateral trade is valued at over $150 billion in 2013.

Korea-Australia Free Trade Agreement enters into force on 12 December and duty-free access is provided on 83 per cent of Australia's exports (by value in 2015) to Korea.

Japan-Australia Economic Partnership Agreement (JAEPA) enters into force on 15 January 2015. JAEPA is the most liberalising trade agreement Japan has with any country.

A new air services deal with China provides a boost for Australian tourism with Chinese airlines able to almost triple their services to Australia within two years.

Australian Bureau of Statistics tourism arrivals figures show for the year ending March 2015, international arrivals increased 8% to reach 7 million for the first time.

Two-way trade in goods and services between Australia and the United States increased from $41 billion in 2004, the year prior to the Australia-United States Free Trade Agreement's entry into force, to more than $60 billion in 2014, while two-way investment more than doubled.

The China-Australia Free Trade Agreement (ChAFTA) enters into force on 20 December 2015. Under ChAFTA 92.8 per cent of China's imports of resources, energy and manufacturing products from Australia enter duty free, with most remaining tariffs eliminated by 1 January 2019.

The Trans-Pacific Partnership Agreement (TPP) is signed by Australia and 11 other countries.

Australia opens a trade office within the Australian Embassy in Tehran following the lifting of sanctions on Iran.

Australia's tourism industry exceeds government and industry growth targets set for 2020.

Australia signs an update to its second oldest trade agreement granting greater access and certainty to certain sectors and a framework for mutual recognition of professional qualifications.

Australian Bureau of Statistics figures show international education is a key contributor to Australia's economy with enrolments surpassing 700,000 for the first time during 2016.

After 18 months, Australia and the EU announce the successful conclusion of a joint scoping exercise on a free trade agreement and begin working on their respective negotiating mandates.

Australia along with New Zealand and 12 Pacific Island countries successfully conclude negotiations on PACER Plus - the Pacific Agreement on Closer Economic Relations Plus, a trade and development agreement.

The Australian Government announced it is taking the first steps towards a free trade agreement with Hong Kong by inviting public submissions on the prospective FTA.

Spending by international visitors reaches new high of $41.3 billion for the year ending December.

China overtakes New Zealand to become Australia's largest source of international visitors. More than 1.39 million Chinese visitors arrived in Australia in the year ending February 2018, an increase of 13.2 per cent.

In March 2018 Australia and ten other countries signed the CPTPP. The CPTPP (or TPP-11) is one of the most comprehensive trade deals ever concluded and will eliminate more than 98 per cent of tariffs in a trade zone with a combined GDP worth $13.7 trillion.

The free trade agreement with Peru will provide new opportunities for Australian exporters in one of the fastest growing economies in the world.

A free trade agreement with the European Union will open the door to a market of half a billion consumers and a GDP of US$17.3 trillion - making it one of Australia’s biggest trade agreements once concluded.

Australia and Hong Kong announce the conclusion of negotiations on a free trade agreement on 15 November 2018.

Australian exporters are now able to claim new tariff reductions and better access in markets across the Americas and Asia following the entry into force of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP or TPP-11) on 30 December 2018.

Australia, Singapore and Japan hosted an informal meeting of World Trade Organization (WTO) members in January 2019. Following this meeting, 76 WTO Members confirmed their intention to commence WTO negotiations on trade-related aspects of e-commerce.

On 4 March 2019 Australia and Indonesia signed the Indonesia-Australia Comprehensive Economic Partnership Agreement in Jakarta. The agreement launches a new chapter in economic relations between Australia and Indonesia.

On 26 March 2019 Australia and Hong Kong signed the Australia-Hong Kong Free Trade Agreement and associated Investment Agreement, securing more certainty and opportunities for Australian farmers, businesses and investors.

On 17 January 2020 the Australia-Hong Kong Free Trade Agreement entered into force. The Agreement creates new bilateral trade and investment opportunities between Australia and Hong Kong.

On 11 February 2020 the Peru-Australia Free Trade Agreement entered into force. The Agreement creates new bilateral trade and investment opportunities between Australia and Peru.

On 23 March 2020 Australia and Singapore completed negotiations for a Digital Economy Agreement that will harness digital transformation and technology to expand trade and economic ties.

On 5 July 2020 the Indonesia-Australia Comprehensive Economic Partnership entered into force. The agreement will foster economic cooperation between businesses, communities and individuals.

A protectionist tariff reform movement starts in the United Kingdom, however higher tariffs are not implemented until the 1930s.

Panic of 1907 financial crisis hits the United States, causing the New York Stock Exchange to lose half its value.

The world's oldest customs union still in existence, the Southern African Customs Union, is established, consisting of South Africa, Botswana, Lesotho, Namibia and Swaziland.

The United Kingdom, France, Germany, Italy, Austria-Hungary and Russia dominate world trade, with the United Kingdom alone accounting for 13% of world merchandise exports.

One of the largest and most difficult engineering projects ever undertaken, the Panama Canal, halves the travel time for ships between the Atlantic and Pacific Oceans. In 2005, 5% of worldwide shipping traffic passed through the Panama Canal, including nearly 70% of all cargo to and from the United States.

A short-lived post-war economic boom that lasts until the Great Depression is led by the United States. The boom is attributed in part to advances in mass production and technology.

The United States formally adopts the unconditional most-favoured-nation (MFN) principle as a cornerstone of trade policy replacing the conditional MFN policy practiced since independence. The MFN principle, that countries cannot normally discriminate between their trading partners, is the first article in the General Agreement on Tariffs and Trade (GATT), which comes into effect in 1948, and governs trade in goods.

Stock market prices collapse in the United States (Black Tuesday) triggering the start of the Great Depression, which lasts until 1932.

The Bank for International Settlements (BIS), the principal body for international central bank cooperation in pursuit of monetary and financial stability, is established in Basel, Switzerland. The BIS continues to contribute to central bank coordination today.

Widespread increases in tariffs and other protectionist measures are implemented, resulting in a reduction of global trade by two-thirds.

The United Kingdom leaves the gold standard in an effort to devalue the Pound sterling and boost competitiveness.

In response to the Great Depression and protectionist measures elsewhere the United Kingdom increases all tariffs by 10%.

The Reciprocal Trade Agreements Act is enacted in the United States. The Act grants the President the power to levy tariffs and negotiate bilateral trade agreements without the consent of Congress.

The League of Nations publishes the Minimum List of Commodities for International Trade Statistics, an early step towards standardisation of trade statistics classification systems, which is important for international trade statistics and customs facilitation.

The United States War Department suspends the requirement that only US domestic wool be used in military orders for clothing and blankets.

The Dumbarton Oaks Conference between the US, USSR, the UK and China agree to the structure of what will become the United Nations.

The United Nations is established to replace the League of Nations, holding its first meeting in London in 1946.

A new system of rules, institutions, and procedures is established to regulate the international monetary system. It aims to avoid the international economic dynamics that harmed global prosperity in the 1930s, including countries devaluing their currencies to gain a trade advantage. The global economy is to be managed by institutions including the International Monetary Fund and International Bank for Reconstruction and Development (later the World Bank). Currencies are stabilised by linking their value to gold, and the US dollar. The system lasts with various alterations until the US delinks its currency from gold in the early 1970s. The World Bank and IMF continue to contribute to global economic development and financial stability today.

On 30 October 1947, the General Agreement on Tariffs and Trade (GATT) was signed by 23 nations, including Australia, at the Palais des Nations in Geneva. The Agreement contained 45,000 tariff concessions covering US$10 billion in trade agreed to during the first multilateral trade negotiations and a set of rules designed to prevent these concessions from being frustrated by restrictive trade measures. The GATT came into effect in January 1948.

Negotiations take place in Havana, Cuba, to create an International Trade Organization (ITO) as a specialised agency of the United Nations. An ITO Charter is agreed in Havana in March 1948, but ratification in some national legislatures does not occur and it is not established. The rules for global trade are instead progressed through negotiations under the General Agreement on Tariffs and Trade (GATT) until the World Trade Organization is created in 1995.

The Marshall Plan is launched as an American program to restore economic infrastructure in Western Europe after WWII. The Marshall Plan transfers US$15 billion to post-war Europe.

The Annecy Round of the GATT is held from April to August in Annecy, France, with countries exchanging some 5,000 tariff concessions.

The Torquay Round of the General Agreement on Tariffs and Trade (GATT) takes place in Torquay, England, from September 1950 to April 1951. The Round achieves 8,700 tariff concessions, cutting 1948 tariff levels by 25%.

The Geneva Round ends in May and achieves US$2.5 billion in tariff reductions across 26 countries.

The Dillon Round of the General Agreement on Tariffs and Trade (GATT), concluding in July 1962, achieves about 4,400 tariff concessions covering US$4.9 billion of world trade across 26 countries. The Round was named in honour of US Under-Secretary of State Douglas Dillon who proposed the negotiations.

The European Economic Community grants trade preferences and aid to 18 African ex-colonies with the signature of the Yaoundé Convention 1964 in Yaoundé, Cameroon.

The Kennedy Round of the GATT commences in May 1964 and concludes in June 1967. It is the first multilateral round to deal with non-tariff measures, and achieves concessions covering an estimated total value of trade of about US$40 billion across 50 countries accounting for 75% of world trade.

A Code on Anti-Dumping is finalised as part of the GATT Kennedy Round. The Code set out rules for the application of Anti-Dumping duties. Australia became a signatory to the Code in 1975.

The International Grains Agreement is established as part of the GATT Kennedy Round and secures a better deal for Australian wheat.

The multilateral agreement on sugar involving both exporting and importing countries aims to control export supplies to help stabilise international raw sugar prices. It establishes the International Sugar Organization (successor to the International Sugar Council which operated under the International Sugar Agreement of 1958).

The World Economic Forum is established in Davos, Switzerland, as the European Management Forum until a name change in 1987. It is formally recognised as an international organisation in 2015.

The Tokyo Round of the General Agreement on Tariffs and Trade (GATT) commences in the capital city in September 1973, and lasts until November 1979. The Round achieves tariff reductions and bindings that cover more than US$300 billion of trade across 99 countries.

The International Convention on the Simplification and Harmonization of Customs Procedures (Kyoto Convention) enters into force, simplifying and harmonising national customs procedures.

The Uruguay Round of the GATT commences in February 1987 and concludes in December 1993. The Round leads to the creation of the World Trade Organization in 1995 and extends the range of trade negotiations, leading to major reductions in tariffs (about 40%) and agricultural subsidies. It establishes an agreement to allow full market access for textiles and clothing from developing countries, and an extension of intellectual property rights and, importantly, covers trade in services for the first time.

A stock market crash on Wall Street spreads globally overnight. The worst crash since 1929, US markets fall 36% and Australian shares collapse 50% from their pre-crash high.

Most members of the GATT adopt the new Harmonized System, an international system of classification for products that is central to trade statistics and negotiations today.

The first Asia-Pacific Economic Cooperation (APEC) Leader's Meeting is held on Blake Island, in Washington State, in the United States. APEC’s vision 'stability, security, prosperity for our peoples' is established�.

The ASEAN Free Trade Area comes into force on 1 January.

The Asia-Pacific Economic Cooperation (APEC) Bogor Declaration commits members to free trade and investment by 2010 for developed countries and 2020 for developing countries.

After more than seven years of negotiations, the Uruguay Round of the GATT closes. Participants agree to a range of measures to increase market access by reducing and eliminating barriers to trade.

The World Trade Organization (WTO) is the only global international organisation dealing with the rules of trade between nations. It aims to help producers of goods and services, exporters, and importers conduct their business.

The Ministerial Declaration on Trade and Information Technology Products at the World Trade Organization is concluded by 29 participants in Singapore. In 2014 it covers 70 participants and 97% of world trade in IT products.

The Group of Twenty (G20) is established as a forum for finance ministers and central bank governors to address the most important issues of the global economic and financial agenda. The Global Financial Crisis prompts the first meeting of G20 leaders in 2008.

The World Trade Organization's Doha Round commences in Qatar. The Doha Ministerial Declaration mandates negotiations on a wide range of issues and has a strong focus on development.

The WTO reforms textiles and clothing trade, eliminating restrictions on import quantities.

World Trade Organization Members conclude negotiations on a Trade Facilitation Agreement.

All 163 Members of the World Trade Organization agree to abolish all agriculture export subsidies, estimated to be worth more than $15 billion in the WTO's first outcome on agriculture in 20 years.

The first new agreement among all World Trade Organization Members in more than 20 years enters into force. The Agreement on Trade Facilitation promises to make it easier for Australian businesses to export, reducing trade costs by more than 10 per cent for OECD countries at full implementation.

The United Kingdom confirms its decision to leave the European Union in a letter to the President of the European Council.

The United States formally withdraws from the Trans-Pacific Partnership Agreement.

WTO economists expect escalating trade tensions and tighter credit market conditions in important markets will slow trade growth in 2018 and 2019.