TRADE AGREEMENTS

Otago Daily Times, Issue 26623, 20 November 1947, Page 9

TRADE AGREEMENTS

AUSTRALIA TO BENEFIT CANBERRA, Nov. 18. The most important set of trade agreements in the history of the Commonwealth have been tabled in. the House of Representatives. As one of the 18 nations which have simultaneously reduced tariffs and made other trade concessions, Australia. is taking part in a world plan to encourage trade. . ' -- „ . In return for tariff concessions offered by other countries, Australia has agreed in many cases to abolish primage duties, cut down tariffs, and reduce Empire preference margins Some Effects of the new agreements on Australia are as follows: First, there are agreements negotiating directly between Australia and other couniries in' which concession'have been given and received; .secondly, there are agreements entered into between other countries on a bilateral basis These new rates and conditions have a multilateral application, which will benefit directly not only the countries which made them but also Australia and other countries: thirdly, preference margins previously "enjoyed by Australian products in Emo'ire markets have been modified The Minister of Commerce, Mr R T. Pollard, who introduced the new agreements in the House, emphasised that the concessions in Imperial preferences were made only after it was established that the foreign country negotiaMng was giving adequate compensation to Empire countries affected, '• . „ “The most important gain for Australia.” he said, “is in the opportunities given primary produce in the American market. The United States has reduced duty on finer Australian wools by 25 per cent., and has agreed to the maximum permissible reduction of duties on meats and butter.”