Trade Agreements Between Us And Australia

· The two sides also agreed to establish a medicines working group that will ensure ongoing dialogue between the United States and Australia on emerging health issues. In addition, the U.S. Food and Drug Administration and the Australia Therapeutic Goods Administration will collaborate to accelerate the availability of innovative medical devices. The Section also establishes a Committee on Agriculture to provide Australia and the United States with a formal opportunity to discuss a wide range of agricultural issues relevant to the Agreement, including trade promotion measures; trade barriers; and consultation on issues related to export competition. According to the Australian Department of Foreign Affairs, the trade imbalance between the United States and Australia widened considerably in 2007. The United States has become Australia`s largest source of imports, with more than AUD 31 billion of goods and services imported. However, Australia`s exports to the United States were only $15.8 billion. [12] It is still unclear what the real benefits of the agreement are, if any. Chapter 19 addresses concerns that parties may seek trade benefits by relaxing environmental legislation. On 13 November 2002, the United States Trade Representative informed the United States Congress of his intention to negotiate a free trade agreement with Australia. Negotiations began in March 2003 and concluded with an agreement on 8 February 2004. On February 13, 2004, the President informed Congress of his intention to conclude the Free Trade Agreement between the United States and Australia. The draft texts of the Agreement were made available on 3 March 2004.

The Free Trade Agreement between the United States and Australia was concluded on May 18, 2004. Accordingly, each Party shall endeavour to ensure that it does not waive, waive or propose to waive or derogate from such laws in a manner that weakens or reduces the protection afforded by such laws as an incentive for trade with the other Party or as an incentive for establishment, acquisition; Extension or maintenance of an investment in its territory. ¬∑ Applies the “first-in-right” principle to trademarks and geographical indications, so that the first person who acquires a right in a trademark or geographical indication is the person who has the right to use it. Chapter 4 deals with trade in textiles and clothing between the two country Parties. Most of this section describes the rules of origin applicable to textile products and the securing of the domestic markets of both countries. The agreement provides a mechanism to put in place emergency measures if the sudden increase in imports due to the reduction in customs duties leads to negative effects on the domestic industry of the importing country. .