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Australia Free Trade Agreement Countries

For the United States, the free trade agreement improved the overall trade deficit situation and created a trade surplus with Australia, which increased by 31.7% in the first quarter of 2005 compared to the same period in 2004. U.S. exports to Australia rose 11.7 percent in the first quarter of 2005 to nearly $3.7 billion in the quarter. Agricultural exports to Australia increased by 20%. [Citation required] According to Shiro Armstrong, of the Crawford School of Public Policy at the Australian National University, he concluded that more than 10 years of data from the Productivity Commission showed that Australian and US trade with the rest of the world was declining because of AUSFTA, after controlling for country-specific factors – that there was trade diversion. Estimates also indicate that trade between Australia and the United States has declined in the context of AUSFTA implementation, even after controlling for country-specific factors. [15] Shiro Armstrong also concludes that Australia and the United States have reduced their trade with the rest of the world by $53 billion and are worse off than they would have been without the deal. [16] Finally, both countries have committed to cooperate multilaterally with the WTO to eliminate export subsidies to other WTO member states. Australia is one of our oldest and closest allies and shares our common values. Australia has been an active participant in international affairs since World War I and has again fought alongside the United States and other allies in all major conflicts by partnering with coalition forces in the Persian Gulf in 1991, Afghanistan in 2002 and Iraq in 2003. The United States and Australia share impressive economic growth and productivity growth.

Both are strongly committed to trade and investment liberalization. From 2018, Australia will be the world`s 13th largest economy. With the legal, regulatory and ideological similarities between the United States and Australia and in the context of our military and security relations, Australia is an ideal trading partner. The United States and Australia have great interests in the economies of the other. The United States has long had a large trade surplus with Australia….