Portman, Australian trade minister review trade agreement
U.S. Trade Representative Rob Portman met Wednesday with Australian Deputy Prime Minister and Minister for Trade Mark Vaile for the first annual review of the U.S.-Australia Free Trade Agreement, which entered into force on Jan. 1, 2005, Portman's office said.
“I am pleased with the success of our free trade agreement so far, Portman said in a statement. 'After only one year, the U.S.-Australia FTA has expanded trade in goods and services. We've seen a substantial jump in exports of U.S. goods, including pork, fresh and processed fruit and vegetables, rice, wine, machinery, including electrical machinery, trucks and parts, and aircraft.”
In addition to reviewing the results of the free trade agreement so far, Portman urged Vaile to continue to work to ensure further progress on agriculture, telecommunications, and intellectual property rights issues. He also discussed with the Australian government the need for transparent pharmaceuticals pricing processes consistent with the commitments in the U.S.-Australia free trade agreement.
Australia is a major trade and investment partner of the United States. Since the free trade agreement entered into force in 2005, U.S. goods exports to Australia in 2005 were up 10.9 percent from 2004 to $15.8 billion.
The U.S.-Australia free trade agreement opens the two markets by streamlining mutual access in intellectual property, services, government procurement, electronic commerce and investment. This agreement slashed tariffs on manufactured and agricultural goods, reduced barriers for services firms, provides for up-to-date intellectual property protection, facilitates U.S. investments and opens Australia's government procurement market to U.S. goods and service suppliers.