U.S.-Australia FTA In Effect

ByJohn S. McClenahen Since Jan. 1. 2005, more than 99% of U.S. exports of manufactured goods to Australia have entered that country free of duties, a result of the free-trade agreement (FTA) between the United States and Australia now in effect. Manufactured goods account for 93% of all U.S. exports to Australia, according to the office of U.S. Trade Representative Robert B. Zoellick. Australia purchases more goods from the U.S. than from any other nation and is a key market for aircraft, autos, chemicals, computers, machinery, and wood and paper products. Bilateral trade in goods and services totals about $29 billion annually, with the U.S. currently running a $9 billion surplus. Negotiations for the U.S.-Australia FTA began in March 2003 and Australia took the final step toward implementation in December 2004.