US and Australia review progress on FTA implementation

Legislation | | MIC Customs Solutions |

US and Australian officials have met to discuss their progress in implementing their free trade agreement.

A meeting of the US-Australia Free Trade Agreement (FTA) joint committee has been held to review the two countries' progress in implementing the agreement.

The FTA entered into force in 2005 and two-way trade between the nations increasing by 76 per cent since that time, with a US surplus of $25.4 billion (€20.04 billion) in 2015.

During the latest meeting, the two sides reaffirmed the importance of the FTA, while talking through the functioning of the agreement, including issues related to specific goods, services and investment.

The countries have pledged to find ways to promote continued expansion of trade and investment between the two countries, with particular attention given to the Trans-Pacific Partnership (TPP), which will build on many of the principles set out by the 2005 FTA.

US and Australian officials reviewed their efforts to conclude their respective approval processes for TPP as soon as possible, as the deal cannot be implemented until each of the countries involved has individually ratified it through their own legislative systems.

A statement from the Office of the US Trade Representative said TPP "builds on the high standards in the bilateral FTA by establishing ambitious trade rules across the region, supporting well-paying jobs in both countries, promoting economic growth and innovation, and protecting workers and the environment".