Australia-United States Free Trade Agreement, 2005To Economy
A free trade agreement between the United States and Australia was proposed by Australia as early as 1946. Yet when President George Bush (Snr) put the idea on the agenda again in 1992, it was rejected by the Australian Prime Minister Paul Keating. On January 1 2005, following 2 years of intense negotiation, the Australia-United States Free Trade Agreement (AUSFTA) was introduced into the Australian economy.
AUSFTA offers Australian industries improved access to the world's largest economy and eases the technical restrictions that had inhibited import and export trade in the past, promoting a fairer culture of business and investment between the two countries. Australia also holds similar free trade agreements with Singapore, Thailand and Chile.