The Australia- U.S. Free Trade Agreement (AUSFTA)
The AUSFTA, provides major benefits for both countries through removal of tariffs and the phased opening of markets. More information is held by the Office of the United States Trade Representative. The FTA Help Center provides information on how to take advantage of an FTA.
Indo-Pacific Economic Framework for Prosperity (IPEF): In May 2022, President Biden launched the IPEF with Australia, Brunei, India, Indonesia, Japan, Republic of Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand, and Vietnam. . The framework focuses on four key pillars to establish high-standard commitments that will deepen our economic engagement in the region:
- Connected Economy: On trade, IPEF members will engage comprehensively on a wide range of issues and pursue high-standard rules of the road in the digital economy, including standards on cross-border data flows and data localization.
- Resilient Economy: IPEF will seek first-of-their-kind supply chain commitments that better anticipate and prevent disruptions in supply chains to create a more resilient economy and guard against price spikes that increase costs for American families.
- Clean Economy: IPEF will seek first-of-their-kind commitments on clean energy, decarbonization, and infrastructure that promote good-paying jobs.
- Fair Economy: IPEF will seek commitments to enact and enforce effective tax, anti-money laundering, and anti-bribery regimes that are in line with our existing multilateral obligations to promote a fair economy.
The Closer Economic Relations Trade Agreement (ANZCERTA, or CER) is the main instrument that governs economic relations between Australia and New Zealand. It is a comprehensive agreement, prescribing that all bilateral trade and services originating in the two countries is free of tariffs, quantitative restrictions, anti-dumping measures, production subsidies, and like measures.
Australia has free trade agreements in force with:
- Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)
- Hong Kong
- New Zealand (CER)
- The United States
Australia is also pursuing FTAs with several other parties including the European Union, Gulf Cooperation Council, India, and the United Kingdom. Agreement in principle with the United Kingdom was achieved on June 17, 2021. Australia is an active member of the WTO, making regular submissions to trade negotiation rounds. Australia is a key member of the Asia Pacific Economic Cooperation (APEC) forum and plays a leading role in promoting trade liberalization among the member economies. Australia exports approximately 76% of its goods and services to APEC economies. Australia is also a leading member of the Cairns Group of 19 agricultural exporting countries.