Mates in Business: AUSFTA 2005-2020 and beyond
This year marks the 15th Anniversary of the Australia United States Free Trade Agreement (AUSFTA). AUSFTA was Australia’s first free trade agreement with a major economy and was the first trade agreement that the United States had entered into in over 15 years.
Since its inception, AUSFTA has generated immense benefits for Americans and Australians and further strengthened the core economic, cultural and national security relationship between our two nations. Our shared values, similar legal institutions and cultural affinity make Australia and the United States great partners - mates – in business.
USA = Australia’s largest economic partner
The United States is Australia’s most important economic partner. The economic relationship with the US is more important to Australia than any other, eclipsing China, the United Kingdom or New Zealand.
In 2019, the United States’ US$28 billion trade surplus with Australia was its third largest, despite Australia’s mid-size economy. The United States has run a healthy trade surplus with Australia every year since 1952.
Australian trade and investment with the United States supports US jobs, fuels innovation and further connects the American and Australia peoples – as partners; as mates.
AUSFTA – and the economic relationship it underpins – represents one of the finest examples of Mateship between Australia and the United States.