Trade Between The United States And Australia
Socially, economically and politically, various countries across the world are categorized into three broad categories. These are: Developed countries, Developing countries, and Underdeveloped countries. In recent times and in modern day world, whenever we start thinking, talking or discussing about few handful Developed countries in this world, the top two names that sprang up in our mind are The United States of America (USA) and Australia. The relations between these two countries have always aroused interest of business investors and diplomats. There have been many talks of carrying out business deals and investments in both countries which will be mutually beneficial as well as will also help in boosting up the world economy. Though export-import activities between these two developed countries were carried out for long time but there always lacked a well outlined manual or business agreement that would ensure high end investments and open up new arenas of business and trade mutually exclusive and beneficial for both the countries. In this article, we will focus on recent and some breakthrough developments in trade relations between The United States and Australia.
Since the year1994, a revolution started in the trade relations between these countries and the volume of trade and amount of investments started to increase and flourish and the catalyst of these increased business activities became the much talked and anticipated Australia-United States free trade agreement. This agreement was signed between the two countries in the year January 2005 and since then business and trade relations between these two countries has increased by 33% with 3.5 % increase in investment in the last 5 years. The main highlight of this agreement was to facilitate export and import of various goods among the two countries and exchange of skilled workers and optimization and utilization of human resources. As per the sources, since the year 2013, The United States has invested a total of AUD$ 657,888 as total investment making the FDI to-149,479. The Australia and United States free trade agreement or the AUSFTA became the pioneer of increasing and opening up new trade avenues in recent times. Other than this, the trade relation between these two countries have been quite cordial and one of the contributing reason for this is cited as various similarities in terms of infrastructure and standard of living in these two countries.
The main highlights of the trade between The United States and Australia are symbolized by- Duty-free trading of all kinds of goods between the two countries, increased investments in human resources, agriculture and real estate.