SYDNEY – United States Trade Representative Susan C. Schwab
today welcomed the continued increase in two-way trade with Australia since
the Australia Free Trade Agreement (FTA) entered into force in 2005.
“I am very pleased with the results of our FTA, which has
boosted flows of goods, services and investment in both directions,” Schwab
said. “The 16-percent increase in two way trade in a few short years has
benefited farmers, ranchers, manufacturers, service providers, and workers in
both countries and demonstrates the value of expanded trade and
investment.”
Schwab met today with Australian Minister for Trade Warren
Truss to review progress under the FTA covering a wide range of issues,
including agriculture, intellectual property, professional services and other
topics. In addition, they exchanged ideas on promoting trade and
integration in the Asia-Pacific region, including efforts within the
Asia-Pacific Economic Cooperation to promote regional economic
integration.
Schwab and Truss also discussed recent developments in the
WTO Doha Round negotiations.
“I appreciate the active role Australia is
playing in the Doha Round negotiations and we will continue to work together
closely to promote a successful outcome,” Schwab said.
Background
The Australia FTA is a state-of-the-art agreement that
opens markets for goods and services, generates investment and government
procurement, strengthens intellectual property protections, and promotes
e-commerce. In 2006, our bilateral goods trade increased 12 percent to $26
billion. The major U.S.
exports to Australia include: machinery, trucks
and parts, aircraft, electrical machinery, and optical and medical
instruments. In 2005 (the latest available data), our two-way trade in
services totaled $12.1 billion, a 12 percent increase from 2004.
U.S. foreign direct
investment in Australia totaled more than $113
billion in 2005, a 134 percent jump from 2003, and is concentrated largely in
the manufacturing, finance, mining, and banking sectors. Australian
foreign direct investment in the United States was $44.1 billion in
2005, up nearly 79 percent from 2003, and is concentrated in the real estate and
rental and leasing, manufacturing, and finance sectors.
