US President George W. Bush on Tuesday signed into law the free trade agreement (FTA) between the United States and Australia, dubbing it "a milestone in the history of our alliance".
Speaking during the signing ceremony, President Bush revealed that currently, bilateral trade totals $28 billion, and that Australia is the United States' 10th-largest trading partner.
"The US-Australia free trade agreement is a recognition of that importance and commitment by both our nations to work in partnership for common prosperity," he announced, going on to add that the FTA will eliminate duties on 99% of all US-manufactured exports to Australia.
Despite the approval of the deal by the US Congress last month, it remains to be approved by the Australian Senate. Intellectual property experts in Australia have also warned that IP provisions contained within the agreement will work against Australian businesses and educational establishments.
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