On the domestic front, Australia has taken significant steps to open its own economy further. Tariffs have been reduced to five per cent or less in almost all sectors, quotas have been eliminated and non-tariff barriers significantly reduced. The increasingly open nature of the Australian economy has been complemented by a sustained program of domestic restructuring and a sound macro-economic policy. Foreign investment Australia recognises that international investment is a key aspect of international trade, and welcomes investment, subject to certain basic rules. Many Australian firms are substantial investors in other countries, and Australia has long maintained a position as a net capital importer, drawing on foreign savings to allow faster development of domestic resources.
Considerable investment continues in export-oriented mining and energy projects.
Invest Australia, the Australian Government's national investment agency, promotes Australia as an investment location, facilitates major projects and provides a wide range of services to companies seeking to establish or invest in operations in Australia. Foreign investment by Australian companies overseas is vital to the global corporate strategies of many Australian companies. The APEC forum was established in Canberra in 1989 as an informal group of 12 economies whose objective was to promote economic cooperation in the Asia Pacific region. It has since developed into the region's premier economic organisation, its membership now numbering 21 economies covering North and South America, East Asia and Oceania. APEC members represent a region of over two billion people and account for around half the world's trade.