Territory Stories

Budget Paper No.6 1997/98 Northern Territory Economy



Budget Paper No.6 1997/98 Northern Territory Economy

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Tabled Paper 3223


Tabled Papers for 7th Assembly 1994 - 1997; Tabled papers; ParliamentNT




Made available by the Legislative Assembly of the Northern Territory under Standing Order 240. Where copyright subsists with a third party it remains with the original owner and permission may be required to reuse the material.




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totaling $A 28 billion. Again Japan is Australias most important trading partner in the region, being the source of 12.2% of imports (second only to the United States). The ASEAN countries combined account for a further 9.4% of imports. The Northern Territory has benefited from its role as a supplier of exports to the ASEAN region including: merchandise exports which are principally minerals, mineral fuels and energy products combined with primary goods such as live cattle and aquaculture; and service exports consisting of on shore services such as education and tourism together with services exported directly to the region, such as television broadcasting, computer software development, education and solar energy technology. Regional Economic Outlook Australia continues to play a key role in the Asia Pacific Economic Cooperation (APEC) forum. APEC groups the countries of the Pacific Rim, including all of Australias major trading partners of East Asia. The APEC push for trade reform, as first outlined in the 1994 Bogor Declaration, continued in 1996 with industrialised members committed to free and open trade and investment by 2010 and other members by 2020. At their 1996 meeting in Subic, the Philippines, APEC leaders agreed to harmonise tariff nomenclature and customs clearance procedures. It was further agreed that national standards would be aligned and that there would be mutual recognition of national standards. The Territory Government has forged links with a number of East Asian countries and currently has Memoranda of Understanding with Indonesia, China, the Philippines, Brunei and the Malaysian territory of Labuan. The Territory is well placed to provide a range of goods and services to these and other countries in the region. Considerable emphasis has been placed on developing relationships and improving trade with the Territorys closest neighbours, the members of BIMP-EAGA: Brunei, Indonesia, Malaysia and the Philippines - East ASEAN Growth Area. Regional Economic Environment 25

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