Australia Plans to take Advantage of Asia’s Economic Boom

Australia must find new trade opportunities and strengthen its education system to take advantage of Asia’s economic boom, Prime Minister Julia Gillard said, outlining goals for the country to meet by 2025.

“As the global center of gravity shifts to our region, the tyranny of distance is being replaced by the prospects of proximity,” Gillard said in a report yesterday. “Australia is located in the right place at the right time.”

Australia, whose economy has avoided recession for the past 21 years amid surging Asian demand for iron ore, coal and natural gas, will need to rely on more than luck to benefit from the region’s expansion, Gillard said. Australia plans to boost trade links to Asia to at least a third of gross domestic product by 2025, compared with a quarter today, she said.

Australia also plans to improve diplomatic relations with China, its top trading partner, India, Indonesia, Japan and South Korea, while expanding ties with countries in the region including Vietnam and Mongolia, Gillard said.

via Bloomberg

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