Vaile to Co-Chair Inaugural United States Free Trade Agreement Review

The Deputy Prime Minister and Minister for Trade, Mark Vaile, will travel to Washington, New York and London from 5 to 14 March.

In Washington, Mr Vaile will co-chair the inaugural Australia-United States Free Trade Agreement (AUSFTA) Joint Committee on 7 March.

"I look forward to a good discussion with my counterpart, United States Trade Representative Rob Portman, on the first year of operation of the agreement and on how we can strengthen our trade and investment relationship," Mr Vaile said.

Mr Vaile said the figures for the first year of the agreement showed that Australian exporters were taking up the new opportunities provided by the agreement, with strong gains in lamb; cheese products; medical instruments; and toys, games and sporting goods.

"The agreement's benefits are also being felt across the services and investment sectors. Our services exports grew by four per cent in 2005 and now account for around one third of Australia's total exports to the United States. Importantly, AUSFTA provides a framework for further integration and liberalisation in relation to financial and professional services," Mr Vaile said.

In Washington, Mr Vaile will meet senior Bush Administration officials, including Vice President Cheney and key Congressional representatives. In New York, Mr Vaile will address the Goldman Sachs JBWere Australasian Investment Forum and meet senior business people.

From 10-12 March, Mr Vaile will participate in meetings in London on the WTO Doha Round with ministers from Brazil, India, the EC, Japan and the United States. The ministers will continue to work on meeting the 30 April deadline for determining the formulas and methods for reducing the barriers to trade in agriculture and industrial products.

"The Doha Round is at a critical stage. If we don't achieve a breakthrough, we are faced with the real prospect that the window of opportunity to finalise the round in 2006 will close," Mr Vaile said.

"These negotiations have the potential to boost the world's income and lift 32 million people out of poverty. We must ensure that we achieve an ambitious outcome to the Round."

Contact: Mr Vaile's Office 02 6277 7420, Departmental 02 6261 1555