Congressman Young Supports The United States And Australia Free Trade Agreement
Washington, D.C. - Alaska Congressman Don Young voted in the House of Representatives in support of H.R. 4759, the United States - Australia Free Trade Agreement Implementation Act. This bill approves and implements the Free Trade Agreement between the United States and Australia and was entered into under the authority of the Bipartisan Trade Promotion Authority Act of 2002. This legislation also strengthens and develops economic relations between the United States and Australia for their mutual benefit through the reduction and elimination of barriers to trade in goods and services. The bill passed by a vote of 314 to 109.
"I am pleased to support this agreement. The United States has always been close allies with Australia. Australia is the 16th largest market for Alaska goods exports. Alaska's high value exports to Australia include zinc ores, fertilizers, seafood, domestic appliance parts and aircraft parts. This free trade is important to these Alaskan industries and will insure future jobs and revenue to our great State. This agreement also provides opportunities for Alaska businesses, offering them preferential access to a strong economy and growing market," said Congressman Young.
Total trade between Australia and the United States was $28.1 billion in 2003, with US exports to Australia amounting to $18.6 billion. The US has a $9.1 billion trade surplus with Australia - the second largest with any trading partner. American exports to Australia directly and indirectly support over 270,000 jobs in the US.
The FTA:
Eliminates 99% of Australia's manufacturing tariffs immediately, giving Alaska firms an average 5% price advantage over international competitors in the Australian market.
Grants tariff-free access to Australia's agricultural market for Alaska exporters.
Grants enhanced preferential access for American services exporters to Australia.
Removes foreign investment screening for a range of foreign investment activities, including establishment of all new businesses in Australia.