RESTRICTED WT/TPR/S/396 15 January 2020

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RESTRICTED WT/TPR/S/396 15 January 2020 RESTRICTED WT/TPR/S/396 15 January 2020 (20-0418) Page: 1/152 Trade Policy Review Body TRADE POLICY REVIEW REPORT BY THE SECRETARIAT AUSTRALIA This report, prepared for the eighth Trade Policy Review of Australia, has been drawn up by the WTO Secretariat on its own responsibility. The Secretariat has, as required by the Agreement establishing the Trade Policy Review Mechanism (Annex 3 of the Marrakesh Agreement Establishing the World Trade Organization), sought clarification from Australia on its trade policies and practices. Any technical questions arising from this report may be addressed to Mr. Cato Adrian (tel.: 022 739 5469), Mr. Usman Ali Khilji, (tel.: 022 739 6936), Ms Fatima Chaudhri (tel.: 022 739 6384). Document WT/TPR/G/396 contains the policy statement submitted by Australia. Note: This report is subject to restricted circulation and press embargo until the end of the first session of the meeting of the Trade Policy Review Body on Australia. This report was drafted in English. WT/TPR/S/396 • Australia - 2 - CONTENTS SUMMARY ........................................................................................................................ 7 1 ECONOMIC ENVIRONMENT ........................................................................................ 11 1.1 Main Features of the Economy ..................................................................................... 11 1.2 Recent Economic Developments ................................................................................... 13 1.2.1 Monetary and exchange rate policy ............................................................................14 1.2.2 Fiscal policy ............................................................................................................14 1.2.3 Structural issues ......................................................................................................16 1.2.4 Balance of payments ................................................................................................16 1.3 Developments in Trade and Investment ........................................................................ 19 1.3.1 Trends and patterns in merchandise and services trade ................................................19 1.3.2 Trends and patterns in foreign direct investment (FDI) .................................................22 2 TRADE AND INVESTMENT REGIMES........................................................................... 25 2.1 General Framework .................................................................................................... 25 2.2 Trade Policy Formulation and Objectives ........................................................................ 26 2.3 Trade Agreements and Arrangements ........................................................................... 27 2.3.1 WTO ......................................................................................................................27 2.3.2 Regional and preferential agreements ........................................................................28 2.3.2.1 Regional trade agreements (RTAs) ..........................................................................28 2.3.2.2 Preferential trade agreements ................................................................................30 2.3.3 Other agreements and arrangements .........................................................................30 2.4 Investment Regime .................................................................................................... 30 3 TRADE POLICIES AND PRACTICES BY MEASURE ........................................................ 38 3.1 Measures Directly Affecting Imports .............................................................................. 38 3.1.1 Customs procedures, valuation, and requirements .......................................................38 3.1.1.1 Documentation requirements and trade facilitation measures .....................................38 3.1.1.2 Customs valuation ................................................................................................39 3.1.2 Rules of origin .........................................................................................................40 3.1.3 Tariffs ....................................................................................................................40 3.1.3.1 Bound tariff ..........................................................................................................40 3.1.3.2 Applied MFN tariff .................................................................................................41 3.1.3.3 Tariff rate quotas (TRQs) .......................................................................................44 3.1.4 Tariff preferences ....................................................................................................44 3.1.4.1 Tariff concessions and other schemes ......................................................................45 3.1.5 Other charges affecting imports .................................................................................46 3.1.5.1 Import processing fees ..........................................................................................46 3.1.5.2 Goods and Services Tax (GST) ...............................................................................47 3.1.5.3 Luxury car tax ......................................................................................................48 3.1.5.4 Wine equalization tax ............................................................................................48 3.1.5.5 Excise duties ........................................................................................................48 WT/TPR/S/396 • Australia - 3 - 3.1.5.6 Other charges and levies .......................................................................................49 3.1.5.7 Taxes applied at sub-federal level ...........................................................................50 3.1.6 Import prohibitions, restrictions, and licensing ............................................................50 3.1.7 Anti-dumping, countervailing, and safeguard measures ................................................56 3.2 Measures Directly Affecting Exports .............................................................................. 59 3.2.1 Customs procedures and requirements .......................................................................59 3.2.2 Taxes, charges, and levies ........................................................................................59 3.2.3 Export prohibitions, restrictions, and licensing .............................................................60 3.2.4 Export support and promotion ...................................................................................62 3.2.5 Export finance, insurance, and guarantees ..................................................................64 3.3 Measures Affecting Production and Trade ....................................................................... 65 3.3.1 Incentives ...............................................................................................................65 3.3.2 Standards and other technical requirements ...............................................................68 3.3.2.1 Standards and technical regulations ........................................................................68 3.3.2.2 Conformity assessment and international cooperation ...............................................69 3.3.2.3 Transparency .......................................................................................................70 3.3.3 Sanitary and phytosanitary requirements ....................................................................70 3.3.4 Competition policy and price controls .........................................................................74 3.3.5 State trading, state-owned enterprises, and privatization .............................................78 3.3.6 Government procurement .........................................................................................80 3.3.7 Intellectual property rights ........................................................................................83 3.3.7.1 Overview .............................................................................................................83 3.3.7.2 Global IP initiatives ...............................................................................................84 3.3.7.3 Innovation and SME policies ...................................................................................85 3.3.7.4 Institutional and registration issues .........................................................................86 3.3.7.5 Industrial property ................................................................................................86 3.3.7.5.1 Patents .............................................................................................................86 3.3.7.5.2 Trade marks ......................................................................................................88 3.3.7.5.3 Industrial designs ...............................................................................................89 3.3.7.5.4 Protection of plant varieties .................................................................................90 3.3.7.5.5 Geographical indications .....................................................................................91 3.3.7.5.6 Undisclosed
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