The election of the Trump administration has signalled that significant changes in Australia’s trade diplomacy, including a rapid reorientation towards Asia-led trade initiatives, are on the horizon.
In a policy report for the United States Studies Centre at the University of Sydney , trade policy expert Dr Jeff Wilson from Murdoch University’s Asia Research Centre has outlined his thoughts on the future of Australia’s trade policy in the Asia Pacific region.
“Australia now finds its trade policy options severely circumscribed and current trade strategies are not adjusted, the Australian economy will find itself the victim of a Trump-induced trade policy shock,” Dr Wilson said.
“With the Trans Pacific Partnership — both in its current and potentially revised forms — now unviable, Australia needs a new trade policy strategy.
“The China-backed Regional Comprehensive Economic Partnership (RCEP) agreement is now being viewed as a credible alternative.”
Dr Wilson said Australian diplomats will need to find ways to reinforce the bilateral economic relationship with China, in order to counteract the damage of deteriorating Sino-US ties.
The full article, published by the United States Studies Centre at the University of Sydney, can be read here.
Dr Wilson is part of a high-calibre public panel discussion on the impact of President Trump's Administration on the Indo-Pacific region at 5pm Thursday 23 February.
This event is a collaboration between the Asia Research Centre at Murdoch University, the Perth USAsia Centre and the Confucius Institute at The University of WA and will be held in the University Club at the University of WA.
The panel will discuss potential impacts of the Trump Administration in the Indo-Pacific, and how the Indo-Pacific region's economic and security architecture will adjust, particularly after U.S. withdrawal from the Trans-Pacific Partnership. The predicted responses of the Chinese and other policymakers to the Trump agenda on trade, alliances and regional diplomacy will also be discussed.
Register for the event here.