Us And Australia Trade Agreement

In the United States, the free trade agreement improved the overall trade deficit and generated a trade surplus with Australia, which increased by 31.7% in the first quarter of 2005 compared to the same period in 2004. U.S. exports to Australia increased by 11.7% in the first quarter of 2005 to nearly $3.7 billion. Agricultural exports to Australia increased by 20%. [Citation required] Chapter 4 deals with the trade in textiles and clothing between the two countries. Most of this section includes rules of origin for textile products and protection of the internal markets of both countries. The agreement provides for an emergency mechanism if the sudden increase in imports due to the reduction in tariffs has negative effects on the domestic industry of the importing country. · Points out that test data and trade secrets submitted to a government for marketing authorization are protected from unfair commercial use for a period of five years for drugs and agrochemicals for a period of five years. It fills in the potential loopholes in these provisions. · The United States and Australia will work to remove health and plant health barriers to agricultural trade, particularly for pork, citrus, apples and two-way stone fruit, annual trade in goods and services with Australia is about $28 billion and the United States has a $9 billion trade surplus with Australia. Australia is the 9th largest U.S. market for goods exports- The European Union is considered the only export destination.

On July 15, both houses of the U.S. Congress strongly supported the free trade agreement. The agreement was also supported by Democratic Party presidential candidate John Kerry. This section recognizes the rights and obligations of Australia and the United States to each other in addressing trade barriers. These rights and obligations have been defined in the WTO Agreement on Technical Barriers to Trade, which deals, among other things, with standards, rules and compliance assessment. Chapter 2 of the Free Trade Agreement sets out the conditions of the nature of non-discrimination.

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