Word: fta
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Dates: during 2000-2009
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...Washington. The relationship between the two national leaders could hardly be better: both support free trade in principle, and they fought as allies in Afghanistan and Iraq. Congress had given Bush fast-track approval to pursue FTAs; Howard saw a chance to prise open the U.S. agricultural market. This FTA (following agreements between Australia and New Zealand and between the U.S. and Canada) is only the third between developed nations. Many minor FTAs are being written that have not required the toil and sweat of the AUSFTA. But as with exercise, no pain, no gain. The agreement, while far from...
...much is the deal worth? Two-way trade in goods and services between the countries is worth about $28 billion a year, with a $9 billion trade surplus to the U.S. Mutual direct investment is worth $60 billion. Once the FTA comes into effect (and it could be as early as Jan. 1, 2005), all American farm products and more than 99% of U.S.-made goods will land in Australia duty free. The share of Australian exports with that status will be smaller, because U.S. farm protection is extensive and will remain so. American producers estimate that they could sell...
...upper hand? Australia's government wanted (needed, even) an FTA more than the U.S. did. Culturally and economically, America is where Australian exporters hope to make it. And smaller countries tend to benefit more than larger ones in such deals; just ask Canada and New Zealand. If the aim of the game is to reduce protection at home and abroad - because protection ultimately hurts consumers and impedes the market - the more open nation (Australia) wins...
...well, Australia's taxpayer-funded Pharmaceutical Benefits Scheme, under which the federal government buys prescription drugs in bulk to reduce their price for all residents, is being targeted by drug companies. The U.S. pharmaceutical industry is looking for ways of challenging price-control schemes around the world, and the FTA negotiations with Australia are a convenient vehicle for this. Any significant change to Australian pharmaceutical costs - to consumers or taxpayers - would be a big problem for the government. In an election year, Howard and Vaile, who is leader-in-waiting of the rural-based National Party, can't afford...
...FTAs are not the flavor of the month, nor is there a push to remove entrenched tariffs or subsidies. Some of Zoellick's earlier free-trade deals in the Americas are looking shaky. If the Australian business is not sorted out this week, the negotiations will lapse. Consequently, an FTA won't get through Congress by mid-year, and the election cycle will kill it. If Bush is re-elected, the next Congress could be even less accommodating; every Administration has a house cleaning, and key U.S. trade personnel could soon be looking to explore new opportunities - in lobbying...