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Both countries also discuss ways to revive the stalled Doha Round of trade negotiations

WASHINGTON, DC – 06/06/08 – The US and Australia have plans to formalize their annual ministerial discussions on trade in a bid to further broaden economic relations between the two countries.

US Trade Representative (USTR) Susan Schwab and Australian Trade Minister Simon Crean met in New Jersey late last week to announce the decision.

According to media reports, both Schwab and Crean had agreed there “was value in enhancing the nature of that dialogue in view of the breadth and depth of the bilateral trade relationship between the US and Australia.”

The discussions, said Schwab, covered issues such as the current state of the stalled Doha Round of global trade negotiations and how both countries “might work together for a successful outcome.”

Crean said the yearly talks would give Australia a chance to discuss a broad range of trade policy issues including the US-Australia Free Trade Agreement (USAFTA), trade in the Asia-Pacific region, and multilateral trade negotiations.

Talks on the USAFTA began in March 2003, with both President George Bush and Australian Prime Minister John Howard making it a priority for both countries to conclude the agreement.

The negotiations were concluded on February 8, 2004 with the pact taking force on the following January 1.

The USAFTA "has led to a steady increase in trade and investment between the US and Australia," Schwab said, stating that bilateral trade between the two countries jumped 28% to $28 billion last year alone.

The agreement was the first free trade pact between the US and a developed country since the US-Canada Free Trade Agreement went into effect in 1988.

Prior to his recent meeting with the USTR, Crean had spent the prior weekend at a meeting of the Asia Pacific Economic Cooperation (APEC) forum, where the attending ministers said “substantial progress” has been made in settling the key issues that have prevented the successful conclusion of the Doha Round.

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