Prime Minister Malcolm Turnbull Visits U.S. Chamber of Commerce
During his January 19th visit to the United States, Australian Prime Minister Malcolm Turnbull addressed the American business community at a breakfast in his honor at the U.S. Chamber of Commerce. Prime Minister Turnbull offered his government's view on the new opportunities for the U.S.-Australian eocnomic relationship to expand in today's dynamic global economy. In his remarks to U.S. companies, Prime Minister Turnbull highlighted the importance of intertnational trade, specifically the Trans-Pacific Partnership (TPP), as a catalyst for geostrategic partnership between the United States and Asia-Pacific region.
Prime Minister Malcolm Turnbull delivers remarks on the U.S.-Australian economic partnership at the U.S. Chamber of Commerce on January 19, 2016.
[Video: U.S. Chamber of Commerce]
U.S.-Australia Free Trade Agreement 10 Year Anniversary
2015 marked the 10th anniversary of the implementation of the U.S.-Australia Free Trade Agreement (FTA). Speakers from the event included U.S. and Australian government officials who addressed the benefits of the U.S.-Australian FTA and the future of bilateral trade. The event also focused on the shared economic interest in the Asia-Pacific, and the implementation of free and fair trade policies throughout the region.
U.S.-Australia Working Group Brings Business Delegation to Melbourne
Julie Bishop (center), Australia's Shadow Minister for Foreign
Affairs and Trade, and Tami Overby (second from right),
Vice President, Asia, U.S. Chamber of Commerce meet in
Australia. May 30, 2013.
May 28-30 - The U.S. Chamber of Commerce's Australia Working Group organized a business delegation to Melbourne and Canberra Australia, from May 28-30, 2013. The delegation was led by Chamber Vice President for Asia Tami Overby.
The delegation focused both on the key issues and priorities in the TPP, and on domestic regulatory and business climate issues in Australia, challenges that Australia faces related to trends in the resource sector, the strong Australian dollar and its impact on other sectors of the economy, and other external factors.
[Photos: U.S. Chamber of Commerce ©]
Australia's free trade agreement (FTA) with the U.S. went into effect on January 1, 2005. In the first two years of the agreement, U.S. exports of goods and services to Australia grew 31% to $26.8 billion in 2006. (U.S. global exports during this period grew 25%).
Summary of the agreement:
Australia has completed three other FTAs - with Singapore, Thailand, and New Zealand. It is currently negotiating or considering trade agreements with China, Malaysia, Japan, the Gulf Co-operation States (which include Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates), and the Association of Southeast Asian Nations (ASEAN) plus Australia and New Zealand FTA.
U.S. Exports to Australia
- Microsoft is the largest supplier of software in Australia.
- Australia is Caterpillar's second largest export market.
- GE aircraft engines power three-quarters of all commercial aircraft in the country.
- DuPont products are used on practically all of Australia's farms.
U.S. Investment in Australia
- Coca Cola is the number one supermarket brand in Australia.
- Chevron-Texaco operates an extensive retail gasoline network in the country.
- Mars accounts for two-thirds of Australia's confectionery exports.
- General Motors is the country's leading exporter of automotive products and services.