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QLDEconomicsQuick questions

Unit 3: International economics

Quick questions on Globalisation, international organisations and Australia's FTAs (QCE Economics Unit 3)

15short Q&A pairs drawn directly from our worked dot-point answer. For full context and worked exam questions, read the parent dot-point page.

What is globalisation defined?
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Globalisation is the process of increasing integration of national economies through cross-border flows of:
What is impact on Australia?
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Globalisation has been broadly positive for Australia but with significant adjustment costs:
What is the World Trade Organisation?
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The WTO is the multilateral body administering world trade rules. Created in 1995 as the successor to GATT. 164 member economies.
What is the International Monetary Fund?
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The IMF was established at the 1944 Bretton Woods conference. 190 member countries. Three core functions:
What is the World Bank?
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The World Bank Group is the multilateral development finance institution. Five constituent organisations; IBRD and IDA are the largest. Funds long-term infrastructure, health, education and governance projects, around USD 100 billion per year.
What is australia's free trade agreements?
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Australia is party to 17 FTAs as of 2026:
What is evaluating the impact of FTAs on Australia?
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1. Lower tariffs on Australian exports. Beef tariffs into Japan fell from 38.5 percent to 8.5 percent under JAEPA. Australian wine into China grew from 4milliontoover4 million to over 1 billion between 2007 and 2019 under ChAFTA.
What is recent developments?
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China trade dispute (2020-22). Chinese tariffs and informal restrictions hit Australian barley, beef, wine, lobster, cotton and coal worth around $20 billion per year. Most have been lifted since 2023.
What is slowbalisation since 2008?
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Cross-border trade and capital flows have grown slower since 2008 ("slowbalisation"):
What is australia's exposure?
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Australia's exports are concentrated:
What is successes?
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Average tariffs on manufactures fell from around 40 percent in 1947 to under 5 percent by 2020. Dispute Settlement Body ruled on more than 600 cases.
What is challenges?
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The Doha Development Round (launched 2001) has effectively stalled. The Appellate Body has been paralysed since 2019. Members have shifted to bilateral and regional FTAs.
What is china trade dispute?
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Chinese tariffs and informal restrictions hit Australian barley, beef, wine, lobster, cotton and coal worth around $20 billion per year. Most have been lifted since 2023.
What is a-IECTA?
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First major FTA with India. Phased tariff reductions on wool, sheep meat, barley.
What is a-UKFTA?
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Quota-free, tariff-free access for Australian beef, lamb and sugar to the UK by 2032.

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