The Department of Foreign Affairs and Trade, Australia
Media Release
9 August 1996
TR 52
AUSTRALIA-UNITED STATES TRADE AND INVESTMENT REVIEW:
A PARTNERSHIP IN TRANSITION
Long term prospects for the bilateral relationship between Australia and
the United States are strong and secure, Deputy Prime Minister and Minister
for Trade, Tim Fischer said in Sydney today, at the launch of a review of
the Australia- US trading relationship.
Speaking to members of the American Chamber of Commerce at the launch of
the review, Australia- United States Trade and Investment Review - A Partnership
in Transition, Mr Fischer said there are a number of promising prospects
in the trade relationship, despite Australia's large trade deficit with
the US.
"While noting the complexities of our trade deficit - which was more
than 12 billion dollars in 1995 - the review makes a number of recommendations
for action in the areas of streamlining trade promotion and market entry
services, improving access opportunities and strengthening Australia's domestic
capabilities," Mr Fischer said.
"To ensure these recommendations are addressed, I will be putting in
place an implementation strategy, involving, in particular, leaders of the
business community, to report back before the end of next year.
"Promising developments in the trade relationship, include, for example
strong growth in Australian services exports to the US. In fact, a services
trade surplus with the US is a very real prospect in the near future.
"Manufactured exports are also improving, and to ensure we maximise
the opportunities for exporters, the government proposes to put in place
a comprehensive strategy to promote and improve Australia's trade and investment
performance with the United States.
"About 10 per cent of the bilateral trade deficit can be attributed
to the US market access barriers, for example, in areas like sugar, dairy,
marine craft and steel. These are areas where, as the report recommends,
Australia is continuing to urge more rapid action by the US to open its
markets to international competition.
"Other factors influencing the trade deficit include the switching
of certain primary product exports, notably oil and alumina, from the US
to more remunerative East Asian markets, and a steady growth of imports
of goods from the US. These goods are capital or intermediate products which
are essential to our long term competitiveness and export capability."
Mr Fischer said.
The review, prepared by the Department of Foreign Affairs and Trade and
Austrade, was released in draft form in June 1995 and now incorporates a
range of new information and input from the business community and other
sources.
Contact:
Justin Brown, DFAT ph (06) 261 2711, 015 264 781
Georgina Oakeshott ph (06) 277 7420, 018 691 178
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