U.S., Australia sign free-trade agreement

February 9, 2004

9 February 2004

U.S., Australia sign free-trade agreement

The following article is excerpted from “American Shipper” of 9 February 2004.

The U.S. and Australian governments signed a free-trade agreement that promises to eliminate and reduce tariffs and other trade barriers between the countries.

Under the agreement, more than 99 percent of U.S. manufactured exports to Australia will
become duty-free immediately upon entry into force of the agreement. Manufactured goods account for 93 percent of U.S. exports to Australia….

The Bush administration began free-trade negotiations with Australia in March 2003. The U.S.-Australia Free Trade Agreement is the first agreement concluded between the United States and a developed country since the U.S.-Canada free trade agreement in 1988.

According to the USTR, two-way annual goods and services trade is about $28 billion. Australia buys more goods from the United States than any other country, and enjoys a bilateral goods and services trade surplus of $9 billion. Australia is a key export market for U.S.-made planes, cars and auto parts, machinery, computers and electronic products, chemicals, and wood and paper products. U.S. trade protections for American beef, sugar and dairy products remain in place under the agreement….


Topic(s): 
Canadian Economy & Politics
Information Source: 
Canadian News Channel
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