1 May 2019
The Australia-United States Free Trade Agreement (AUSFTA) provides for a Joint Committee to meet annually (or otherwise agreed) to ‘supervise the implementation’ of AUSFTA and ‘review the trade relationship between the parties’.
The seventh meeting of the AUSFTA Joint Committee was convened on 1 May (Australia) /30 April (United States) to discuss AUSFTA, outlining trade and investment, and global trade policy more widely.
The United States is the largest and most significant investor in Australia, accounting for 27 per cent ($939 billion) of Australia’s total foreign investment stock as of December 2018. The United States is also by far Australia’s largest foreign investment destination, accounting for 28 per cent (or $719 billion) of Australia’s total overseas investment stock as of December 2018. Two way investment has almost tripled since the Agreement came into force.
In 2018, the United States was our third-largest two-way trading partner in goods and services, worth $73.9 billion. Australia’s goods and services exports to the United States were $23.1 billion. Australia’s total imports from the United States were $50.8 billion. The United States remains Australia’s largest two-way trading partner in services, with two-way trade accounting for 14 per cent (or $27.2 billion).