Chamber urges conclusion to U.S.-Australia FTA
The U.S. Chamber of Commerce urged the Bush administration to conclude negotiations for a U.S.-Australia free trade agreement.
“We should aim for a comprehensive agreement with Australia and resist demands for special treatment for certain industries or products,” said Thomas Donohue, president and chief executive officer of the chamber, in a statement. The U.S. sugar industry recently asked for an exclusion from the proposed U.S.-Australia free-trade agreement.
The trade agreement promises to eliminate trade barriers, lower tariffs and provide increased market access for U.S. companies. The chamber cited a report that said a trade agreement with Australia would have the potential to increase the U.S. gross domestic product by more than $2 billion by 2006 and increase U.S. exports by $1.8 billion.
“A comprehensive FTA with Australia will send a positive signal that the United States is living up to its responsibility as a global leader in trade,” Donohue said.
According the chamber, bilateral trade between the United States and Australia reached over $28 billion last year. The United States also had a $6 billion trade surplus in goods and services with Australia.