Max Baucus: “I rise to share some observations on my recent trade mission to Australia and New Zealand. In May 2004, the United…”

“I rise to share some observations on my recent trade mission to Australia and New Zealand. In May 2004, the United States and Australia signed a historic free-trade agreement. That agreement went into force on January 1, 2005, lowering trade barriers and opening new markets for goods, services, and agriculture. This agreement opens the door to a greater relationship with one of the most vibrant and promising economies in the world. For Australia, it offers integration with the world's largest economic power. For the United States, it offers a link to an Australian market that has one of the highest standards of living in the world--and one of the few large economies with whom the U.S. enjoys a trade surplus. Further benefits will accrue to U.S. exporters from using Australia as a platform for more efficient access to Asian markets. Australia has for years pursued a strong policy of economic engagement in the Asia-Pacific region. It has completed, or is currently negotiating, trade agreements with several key countries in the region. This network of trade relationships will increase the value of the free trade agreement to U.S. exporters and investors in Australia. The free-trade agreement further cements the relationship between the United States and one of its strongest allies in the world. Australia is a major partner with the U.S. in global antiterrorism efforts. It is a significant partner in Iraq.”