Word: fta
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...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...
...Will the FTA get legislative approval? Despite the flaws and compromises, the deal deserves to become law. But it's an election year in both countries, and time is running out for law makers. Democratic candidate John Kerry and Labor Opposition leader Mark Latham are free traders at heart (who knows - President-elect Kerry and Prime Minister Latham may be congratulating each other come New Year's Day). But the anti-free-trade scaremongers and interest groups will be shouting louder this year than the champions of an almost-free trade agreement. It's just too tight to call...
...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...