A Free Trade Agreement has been agreed between Australia the United States of America, providing immediate duty free access for 97% of Australia’s manufacturing exports and 66% of its agricultural exports.
The Australian sugar industry has received a blow, however. Substantial pressure from the US sugar industry has led to no increase in Australian access. Duties on beef will be phased out over an 18 year period.
The Pharmaceutical Benefits Scheme (PBS) remains intact, in particular with regard to the price and listing arrangements. Australia retains the right to ensure local content in Australia broadcasting and audiovisual services. Australia has gained full access to the $270bn market for federal government procurement.
Trade Minister Mark Vaile said "The FTA between Australia and the United States is overwhelmingly in the Australian national interest."
"This deal will further integrate the Australian economy with the largest and most dynamic economy in the world, delivering lasting benefits for generations of Australians." Vaile said.
Australia’s manufacturing exports to the US were worth $5.84bn last year.