Media releases
MVT147/2002 - Thursday 14 November 2002
Vaile Hails Breakthrough for Australia-US Trade Relations
The move by Australia and the United States to commence negotiations
on a Free Trade Agreement (FTA) is a major breakthrough for Australia,
Trade Minister Mark Vaile said today.
"The decision to move ahead with negotiations vindicates the Government's
determination to pursue this initiative over the last two years.
The size and dynamism of the US economy and the breadth of Australian
interests in the US means Australia stands to gain in a wide range
of sectors from lowering of trade barriers and closer economic integration
with the United States," Mr Vaile said.
"I have no doubt that FTA negotiations with the US will present us
with major challenges, but the benefits to the Australian economy
will be in the order of many billions of dollars over time.
"I am also convinced that negotiating an FTA will enable Australia
and the United States to provide momentum to the Doha Round of multilateral
trade negotiations, which remains Australia's highest trade policy
priority. Bob Zoellick and I are determined that these FTA negotiations
will set a high standard for the World Trade Organisation and complement
our Doha Round efforts."
Ambassador Zoellick has notified the US Congress of the Administration's
intention to commence FTA negotiations with Australia. After the
ninety day notification period the Administration can begin negotiations.
Mr Vaile said that Ministers had agreed with Ambassador Zoellick that
the two Governments should hold the first round of formal negotiations
as soon as possible after the 90 day period ends.
"We expect to hold the first round of negotiations by March 2003
with both Governments agreed on the desirability of moving ahead as
quickly as possible. We expect the agreement will be well advanced
by 2004, though it is too early to be definitive about end dates given
the complexity and range of issues involved," Mr Vaile said.
"The Government will move quickly to consult with industry, organisations
and interested parties about the negotiations and places a high priority
on consultation with business, State and Territory governments and
the wider community in formulating its approach to trade negotiations.
We have a good picture of the issues Australia will need to address
in an FTA and want industry and business to clarify their priorities."
In addition to conducting direct consultations, the Government is
inviting public submissions from interested parties in business, organisations
and the general public. The deadline for public submissions is 15
January 2003. Details are available on the Department of Foreign
Affairs and Trade website at: www.dfat.gov.au/trade/negotiations/us.html
submissions.
Media Contact: Robyn Bain +61 02 6277 7420
Local Date:
Friday, 05-Dec-2008 14:00:20 EST
