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Washington, DC -- Today Congressman David Wu continued his fight for free and fair trade by voting for the U.S.-Australia Free Trade Agreement (H.R. 4759). The U.S.-Australia Free Trade Agreement would reduce a number of tariffs and duties currently affecting trade between the United States and Australia. In addition, the agreement would reduce barriers for services, increase protections for intellectual property, and enhance labor and environmental enforcement standards. The U.S.-Australia Free Trade Agreement passed the House of Representatives by a vote of 314 to 109.
"The U.S.-Australia Free Trade Agreement is a positive step in the direction of economic growth and job creation," said Congressman David Wu. "The United States and Australia have enjoyed a solid economic, political and cultural relationship for years. This agreement will only help our two countries grow and thrive."
Australia is the ninth largest goods export market for the United States, with total trade close to $28 billion last year. U.S. direct foreign investment in Australia was $36.3 billion in 2002, mainly in high-tech manufacturing and finance. Australian investment in the United States was $24.5 billion in 2002.
Oregon's export shipments of merchandise to Australia in 2003 totaled $257 million, the 15th largest figure among the 50 states. Exports to Australia accounted for 2.5 percent of the state total in 2003. Manufactured goods make up 97 percent of Oregon's exports to Australia, which translates to $251 million. Oregon's top manufactured export category to Australia is transportation equipment, valued at $126 million or almost half of the state's total exports to this market. Oregon's other leading manufactured exports to Australia in 2003 included computers and electronic equipment ($39 million, of which $17 million was computer equipment), chemical manufactures ($32 million, of which pesticides, fertilizers and other agricultural chemicals accounted for $27 million), and machinery manufactures ($25 million, of which agricultural and construction machinery accounted for $11 million).
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