Abstract
The prospects for successful multilateral trade liberalization from the Uruguay round of the GATT are uncertain. If the Uruguay round fails then this will increase the possibility that Western Europe, North America, and Japan may negotiate bilateral trade agreements. These deals would be to the detriment of third sources of supply such as Australia. If the above scenario occurs and Australia does not want to be left out on its own (together with New Zealand) then it must seek bilateral or trading bloc deals. In this paper some preliminary estimates are presented of the benefits to Australia of free trade agreements with the EC and the US. The key finding is that if these agreements are to significantly benefit Australia, then Australia must successfully negotiate concessions in the area of nontariff barriers. Finally, free trade agreements with the EC and the US could increase Australia's real GDP by up to three per cent and one per cent, respectively.
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