Pakistan-Australia bilateral trade relations Trade relations between Pakistan and Australia date back to 1948 when Pakistan established its Trade Mission in Sydney.
The bilateral trade between the two countries has remained steady and stable in the traditional export sectors of the two countries. Australian exports vary with fluctuating demand in Pakistan but they mainly include, fertilisers, coal, iron ore, other minerals, live animals, etc. 
While Pakistan's major exports to Australia include rice and home institutional textiles such as, bed-linen, terry towels, etc, which comprise more than 60 per cent of its exports.
More recently, exports of furniture items, footwear and medical equipment have also increased to Australia. While there is no import tariff on rice, there is at least five per cent import duty on all other items.
Pakistan deeply appreciates the gradual reduction in import tariffs on its exports since 2005 by the Australian government.
The latest revision was effected on   January 1, 2015 which brought down import tariffs on most of our products from 10 per cent to five per cent, which has been very useful in the promotion of trade.
During FY2014-15, Pakistan's exports to Australia increased by 13.93 per cent compared to FY2013-14, increasing from AUD$210 million to AUD$239 million, while average annual growth of 9.2 per cent was witnessed in last five years.
At the same time, imports of Australian goods in Pakistan were AUD$455 million compared to AUD$399.76 million imports during FY2013-14, showing an increase of 13.86 per cent, while in last five years imports of Australian products in Pakistan have steadily increased by approximately 4.84 per cent per annum.
Trade volume between two nations shows an increase of 13.89 per cemt, rising from AUD$610 million in FY2013-14 to AUD$694 million in 2014-15.
The Balance of Trade is in favour of Australia and remained at AUD$216.17 million during FY2014-15, while it was AUD$190 million in FY2013-14. There is a dire need to improve the Balance of Trade.
The establishment of Joint Trade Committee between Pakistan and Australia under a bilateral agreement in 1990 was a very positive step towards further strengthening of bilateral economic and trade relations.A Memorandum of Understanding between Pakistan and Pakistan on Strengthening Bilateral Trade and Economic Cooperation was signed in   September 2014 and was a welcome development. !
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Australian-Pakistan partnership and its projects in Pakistan, including the Livelihood Strengthening Program; Agriculture Sector Linkages Program II; Australian Assistance to Agriculture Development in Balochistan Border Areas; and the Market Development Facility, has been mutually beneficial.The Australian assistance particularly through ACIAR projects has contributed to enhancing the agricultural productivity and has helped the small landholders, particularly women. The bilateral trade relations between Pakistan and Australia are on upward trajectory. There exists a great potential for further increasing mutually beneficial economic and trade ties.