Introduction: Australia’s trade, investment and security in the Asian century

The rise of Asian economies has ushered in the Asian century. States or economies in other continents, including those in Europe, North America, South America and Africa, have taken steps to commence or enhance trade relations with expanding Asian economies, while being cautious in maintaining established prestige or safeguarding national security. Owing to its geographical proximity to Asia and its Anglo-American political affinity as well as European cultural heritage, Australia has been juggling with two competing objectives - quantifiable economic prosperity resulting from increased trade and investment with Asian economies (especially China) and the perceived national or regional security derived from remaining a loyal ally of the US - even though these attributes have also placed it in an enviable position. At this juncture, the question is how Australia can achieve both prosperity and security and meet its aspiration for esteem in the international community….