Trade policy review of Australia. (Special Issue: Global policy review.)

ABSTRACT

The WTO Trade Policy Review Body met virtually on 11 and 13 March 2020 to review Australia's trade policies. The meeting took place as Australia was completing three decades of uninterrupted economic growth and as the run was being ended by COVID-19 and associated lockdowns. This paper provides a commentary on the Review. It begins by examining the evolution of Australia's trade policies, with emphasis on the period covered by the TPR, 2015-19. The second section evaluates the discussion at the TPR meeting, when WTO members raised questions about the policies described in the Review and the Australian delegation responded. The third section considers developments in the year after the meeting. The paper concludes that, despite its stellar economic performance in the three decades before COVID and strong record on trade liberalisation within and beyond the WTO, Australia faces a difficult post-COVID policy environment. The final section focuses on two challenges rapidly deteriorating relations with China, Australia's largest trade partner, and the impact of climate change policies.