FadeTheButcher
07-16-2004, 05:21 AM
http://news.xinhuanet.com/english/2004-07/16/content_1605043.htm
WASHINGTON, July 15 (Xinhuanet) -- The US Senate on Thursday approved a free trade agreement with Australia, an important market for US manufactured goods.
The Senate voted 80 to 16 to make Australia the seventh nation which has a bilateral free trade relationship with the United States. This is the United States' first free trade agreement with a developed country since a 1989 deal with Canada.
The approval came one day after the House of Representatives passed the deal. The Senate's vote sent the pact to President George W. Bush, who is expected to swiftly sign it into law.
Under the agreement, which the two governments signed in February, more than 99 percent of US manufactured exports and 100 percent of agricultural exports would become duty free immediately.
Other provisions give increased protection for intellectual property such as movies and video games.
Estimates are that it would result in an increase of nearly 2 billion US dollars in US exports, which include autos, aircraft, chemicals, plastics and medical equipment, according to the officeof the US Trade Representative. The current two-way trade in goods and services is about 29 billion dollars, with the United States enjoying a 9 billion dollars surplus. The Australia pact follows the Congress approval last year of free trade agreements with Chile and Singapore. Other countries with bilateral free trade relationships are Canada, Mexico, Israel and Jordan. Enditem
WASHINGTON, July 15 (Xinhuanet) -- The US Senate on Thursday approved a free trade agreement with Australia, an important market for US manufactured goods.
The Senate voted 80 to 16 to make Australia the seventh nation which has a bilateral free trade relationship with the United States. This is the United States' first free trade agreement with a developed country since a 1989 deal with Canada.
The approval came one day after the House of Representatives passed the deal. The Senate's vote sent the pact to President George W. Bush, who is expected to swiftly sign it into law.
Under the agreement, which the two governments signed in February, more than 99 percent of US manufactured exports and 100 percent of agricultural exports would become duty free immediately.
Other provisions give increased protection for intellectual property such as movies and video games.
Estimates are that it would result in an increase of nearly 2 billion US dollars in US exports, which include autos, aircraft, chemicals, plastics and medical equipment, according to the officeof the US Trade Representative. The current two-way trade in goods and services is about 29 billion dollars, with the United States enjoying a 9 billion dollars surplus. The Australia pact follows the Congress approval last year of free trade agreements with Chile and Singapore. Other countries with bilateral free trade relationships are Canada, Mexico, Israel and Jordan. Enditem