The Australian economy would see a more liberal trade policy in the months and years to come as the federal government reveals its agenda of encouraging healthier competition and tearing down tariff barriers to allow the influx of further investments.

Federal Trade Minister Craig Emerson admitted that the new trade approach harks back to the policy seen during the Hawke-Keating leadership period, where Australia experienced economic booms that further kicked up its global standing.

Emerson said that he has scheduled a review of the country's existing trade policy and the findings should be known by the end of the first quarter next year.

He offered a hint on the outcome of that review by stressing that the Australian economy would be served well if trade liberalisation is pushed into full throttle.

Emerson also said that currency manipulation would not lead to lasting and positive impact to any form of economy as he asserted that as of his last check, trade liberalisation is the best way to further fuel expansion.

By adopting the tried and tested economic formula during the Hawke-Keating era, which ran for a span of almost two decades, Emerson argued that Australia would further advance its economic productivity and competitiveness.

As a positive result of both Labor governments economic policies in the 1980s and the 1990s, better tariff measures were seen in the country and Australia's credibility in the eyes of the international community reached unparalleled levels.

Emerson said that even to this day "Australia's views are sought and valued in global and regional trade negotiations."

The trade minister also underscored the importance of formal agreements with trading partners as he cited that in Asia-Pacific alone, Australia's neighbouring countries make up some 70 percent of the country's export market..

With that in mind, Emerson said that he is bent on forging free trade deals with Japan and Korea, with the promising possibility of resuming Australia's trading deal negotiations with China, which now stands as the world's second biggest economy and the country's largest trading partner.