|
|
Article: Australia and the European Union.
- Article from:
- National Observer - Australia and World Affairs
- Article date:
- June 22, 2003
- Author:
CopyrightCOPYRIGHT 2003 Council for the National Interest. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
The European Union remains Australia's largest economic partner when one takes into account trade in goods, services, investment and transfers. Traditionally it has enjoyed a substantial trade surplus with Australia. But one country's trade surplus with a trading partner gives a somewhat truncated and static picture that does not tell the whole story.
Let me first take a short space to highlight the European Union's place in the world, since its importance as a player in the global economy is not always properly appreciated:
1. The European Union is a huge single market currently consisting of 376 million affluent and discerning consumers. It is composed ...