US Trade Representative Susan C. Schwab met this week with Australian Minister of Trade Simon Crean to review progress under the United States–Australian Free Trade Agreement (FTA).
This was the third meeting of the Joint Committee established under the Agreement
to review on an annual basis the operation and implementation of the FTA, which went into
force in January 2005.
“The FTA has led to a steady increase in trade and investment between
the United States and Australia, further bolstering our already strong economic
relations,” Ambassador Schwab explained, adding:
“This meeting was a good opportunity to take stock of progress under
the FTA and discuss our joint work on other priority trade issues, including
the WTO Doha negotiations.”
During the meeting Ambassador Schwab and Minister Crean noted the positive results
of the FTA and discussed specific issues relating to agriculture, intellectual
property, and services, where the two countries are involved in ongoing discussions.
The Ministers also exchanged views on current developments in the Doha Round of WTO talks and how to advance those negotiations, Asia-Pacific economic developments, and issues related to trade and the environment.
Two-way goods trade between the United States and Australia has increased by 28% since the United States–Australia FTA went into effect in 2005, totalling USD28bn last year.
US goods exports to Australia in 2007 were USD19.2bn, up 8% from 2006 and up 35% since the FTA went into effect. Top export categories include machinery, vehicles, electrical machinery and optic and medical instruments.
US foreign direct investment (FDI) in Australia was USD123bn in 2006, up 6% from 2005 (the most recent available data).
Australia FDI in the United States was USD26bn in the same period, up 15% from 2005.
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