/javascript" src="../static/js/analytics.js"> CalTrade Report - G'Day! US, Australia FTA is a Go free trade agreements, CalTrade Report, Australia, U.S. Trade Representative - G'../">CalTrade Report Asia Quake Victims 05/06/04 - Australia buys more from the US than any other country with two-way annual goods and services trade between the two countries is roughly $28 billion, with two-way foreign direct investment totaling $60 billion; each of the fifty US states with California near the top of the list exports Down Under, while Australia is among the top 25 export destinations for 48 of the 50 states. - 05/06/04 - Australia buys more from the US than any other country with two-way annual goods and services trade between the two countries is roughly $28 billion, with two-way foreign direct investment totaling $60 billion; each of the fifty US states with California near the top of the list exports Down Under, while Australia is among the top 25 export destinations for 48 of the 50 states. - G'Day! US, Australia FTA is a Go free trade agreements, CalTrade Report, Australia, U.S. Trade Representative - G'../i/shim.gif

 

Tuesday, June 13, 2006

 

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G'Day! US, Australia FTA is a Go

Pact is the first free trade agreement between the US and a developed country since 1988

WASHINGTON, DC - 05/06/04 - The US-Australia Free Trade Agreement will be signed on May 18 in Washington.

US Trade Representative Robert Zoellick will reportedly sign on behalf of the US with Australia's Minister of Trade Mark Vaile signing on behalf of his country.

The agreement, negotiated over the course of nearly a year, was concluded in early February.

The President notified Congress of his intent to enter into the agreement five days later. Under the Trade Act of 2002, the earliest date on which the agreement could be signed is May 14.

On the US side, the agreement will be submitted to Congress for approval when signed.

In 2002, Australia was the US' 13th largest single-country export market for goods. Two-way annual goods and services trade is roughly $28 billion, with two-way foreign direct investment totaling $60 billion.

Australia purchases more goods from the US than from any other country, and the US enjoys a bilateral goods and services trade surplus of $9 billion.

The country is a key export market for important US manufacturing sectors such as aircraft, autos and auto parts, machinery, computers and electronic products, chemicals, and wood and paper products.

Each of the fifty US states exports to Australia, while the country is among the top 25 export destinations for 48 of the 50 states. The leading states exporting to Australia are California, Washington, Illinois, Texas, Michigan, New York, Ohio, Pennsylvania, and Florida.

The US has completed FTA's with eight countries - Costa Rica, the Dominican Republic, El Salvador, Guatemala, Honduras, Nicaragua, Australia and Morocco - over? the past six months.

New and pending FTA partners, taken together, would constitute America's third largest export market and the sixth largest economy in the world.

In addition, within the past several weeks, the US and Panama conducted the first round of free trade negotiations between the two countries, and by the end of the month Washington will begin the fifth round of negotiations with the five SACU countries - Botswana, South Africa, Lesotho, Swaziland, and Namibia.

FTA negotiations are expected to begin with Colombia and Thailand by the end of the summer.
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The US currently has free trade agreements with Israel, Canada and Mexico (NAFTA), Jordan, Chile and Singapore.

Go back, or read the latest Front Page stories:

US Seeks Stronger Ties With Brazil

WASHINGTON, DC – 06/13/06 – Rebounding from the failure to craft a Free Trade Area of the Americas pact, the Bush Administration is aiming at strengthening trade ties with Brazil in an effort to counter China’s fast-growing economic influence in Latin America; China should not only be seen as an export market with 1.3 billion consumers, but also as a nation of 1.3 billion ''new competitors,'' says US Secretary of Commerce Carlos Guittierez.


US Threatens WTO Action Against China

WASHINGTON, DC – 06/10/06 – The White House is threatening to slap China with a World Trade Organization case unless Beijing responds quickly to US concerns over its lack of action on securing intellectual property rights for US products; talks on bringing the WTO case are at a ''very advanced stage,'' according to a high level official in the Office of the US trade Representative.


High Hopes for Central American Trade Pact

WASHINGTON, DC – 06/08/06 – The US -Central American Free Trade Agreement (CAFTA) still faces some hurdles, but could become a reality ''very soon,'' according to Deputy Secretary of State Robert Zoellick; the issues relating to government procurement, intellectual property rights and agriculture still need to be worked through, says the former US Trade Representative following a session of the Organization of American States (OAS) General Assembly in Santo Domingo, Dominican Republic.





 

 


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