Media releases
Friday 2 August 2002 - MVT089/2002
Australia's Trade Set to Benefit From US TPA
Australia is now better placed to secure increased access to world
markets for our exporters following passage of Trade Promotion Authority
(TPA) by the US Congress last night, Trade Minister Mark Vaile said
today.
Mr Vaile praised Congress for its priority treatment of the bill,
in particular last night’s positive vote by the US Senate which was
the last step in securing TPA.
"With TPA the Bush Administration now has the mandate to negotiate
on bilateral and multilateral trade issues. The outcomes from such
negotiations have the potential to significantly benefit Australia's
farmers and businesses," Mr Vaile said.
"The efforts by the US Administration in putting the bill to Congress
indicates the high priority it places on global trade negotiations
and trade liberalisation."
"I will take the first available opportunity next week to congratulate
US Trade Representative Bob Zoellick and to discuss possible options
for the way forward for World Trade Organisation (WTO) negotiations
and a potential free trade agreement between our countries.
"The US Administration has indicated its interest at the highest
level in pursuing a free trade agreement with Australia. Australia's
GDP could be boosted by as much as $4 billion a year by an FTA with
the US."
Mr Vaile said TPA would enable the US to show strong leadership in
the WTO’s Doha Development Round and global trade reform which would
deliver major benefits.
"Independent studies commissioned by the Department of Foreign Affairs
and Trade have shown halving market access barriers would deliver
global welfare gains of around US$400 billion a year," Mr Vaile said.
"I look forward to continuing to work closely with the US on the
Doha negotiations to advance our common interests."
The new TPA legislation requires the US President to notify the Congress
of his intention to enter into trade negotiations with a particular
country at least 90 days before such negotiations begin.
Media Contact: Mark Croxford +61 02 6277 7420
Local Date:
Friday, 05-Dec-2008 13:48:25 EST
