Commercial opportunities with the United States post GFC
Media release
18 May 2010
Parliamentary Secretary for Trade, Hon. Anthony Byrne MP, today outlined the importance of Australia's commercial relationships with the United States and the emerging opportunities to deepen trade and investment after the Global Financial Crisis (GFC) at the Lowy Institute.
Mr Byrne said the boom in trade with China and the impact of the GFC have distracted many from the great benefits of Australia's long-standing trade and investment links with the United States.
“While Australia values the relationship with China and views its growing presence in the global economy as an opportunity, our commercial opportunities with the US remain significant,” Mr Byrne said.
“The US is still our largest commercial trade and investment partner and services export market. In 2008-2009 two-way trade with the US was worth $54.7 billion, with service exports alone valued at $5.8 billion.
“In 2008, the US was also the largest foreign investor into Australia, investing $418.4 billion, with Foreign Direct Investment (FDI) comprising $95.4 billion.”
“Australia and the US are also both Pacific economies, and are plugged into Asia's growing prosperity in a way that we believe will enhance rather than diminish our commercial ties in the years ahead.”
“During the GFC, we adopted fiscal and monetary stimulus packages, took steps to secure the bank deposits of ordinary citizens, and supported a greater role for the G20 in the international financial arena.”
“Similarly, by embracing new challenges deemed necessary to secure US prosperity, the Obama Administration has also re-energised the direction of America's economy and the role of Government.”
“What this means is America's new direction after the GFC will create opportunities for Australian businesses and investors, while Australia's similar approach to these problems will also offer US businesses greater commercial scope for investment.”
“These new opportunities revolve around in areas such as Energy, Climate Change and Sustainability, Financial Services, R&D and Innovation as well as Health Care and Medical Technology.”
“Australia's expertise in water management and in clean energies such as solar power and wind power, also offers great scope for partnerships between Australian and American companies,” Mr Byrne said.
Opportunities also exist in financial services as Australia aims to become a financial hub in the Asia Pacific. This is based on our economic stability, sound regulation, expertise in developing tailored financial products and having one of the largest pools of managed funds in Asia.
“Through trade and investment we can help create this new world of technology and green industry to the benefit of our joint prosperity,” Mr Byrne said.
This event was part of a national seminar series being undertaken by Austrade on trade and investment opportunities in the US from 10-25 May.
Media inquiries
- Parliamentary Secretary's Office: (02) 6277 4309
- Austrade Media Liaison (Sarkis Khoury): 02 9390 2118