Steny Hoyer: “Mr. Speaker, this important Free Trade Agreement will enhance the already strong economic ties that exist between the…”

“Mr. Speaker, this important Free Trade Agreement will enhance the already strong economic ties that exist between the United States and Australia. I support this agreement and will vote in favor of the required implementing legislation. This pact has been called the ``manufacturing FTA'' because of the extent to which the United States manufacturing sector will benefit from the expanded market access provided by this agreement. Perhaps most importantly, Mr. Speaker, more than 99 percent of remaining Australian duties on U.S.-manufactured goods will be lifted the day the agreement takes effect. It is estimated that this immediate tariff elimination will result in an additional $2 billion in annual exports to Australia, already one of the world's largest single markets for U.S. goods. This improved market access will benefit American companies, ranging from aircraft manufacturers to automakers to construction equipment suppliers. Manufacturers, however, will not be the only beneficiaries of this agreement.”