Australia | Free Trade Agreement Signed; Opens Market For U.S...
Australia
Free Trade Agreement Signed; Opens Market For U.S. Ag Products
The United States and Australia concluded a comprehensive free trade agreement (FTA) Feb. 8, which gives immediate duty-free access to eligible agricultural products and promises to benefit both the red meat industry and U.S. soybean oilseed products.
Access to pork products hinges on the “resolution of technical issues expected in the near future.”
U.S. above-quota duties on beef exports to Australia will be phased out over an 18-year period, and initial increased imports from Australia under the TRQ quota will amount to about 0.17 percent of annual U.S. beef production, and 1.6 percent of annual U.S. beef imports, according to the USTR. Quota increases will take effect when U.S. beef exports return to their 2003 (pre-BSE) levels, or three years after effective date of the agreement, whichever comes first. Safeguards will be available, including a price-based safeguard after the transition period.
A summary of the agreement is posted online at the USTR Web site.
Australia
Free Trade Agreement Signed; Opens Market For U.S. Ag Products
The United States and Australia concluded a comprehensive free trade agreement (FTA) Feb. 8, which gives immediate duty-free access to eligible agricultural products and promises to benefit both the red meat industry and U.S. soybean oilseed products.
Access to pork products hinges on the “resolution of technical issues expected in the near future.”
U.S. above-quota duties on beef exports to Australia will be phased out over an 18-year period, and initial increased imports from Australia under the TRQ quota will amount to about 0.17 percent of annual U.S. beef production, and 1.6 percent of annual U.S. beef imports, according to the USTR. Quota increases will take effect when U.S. beef exports return to their 2003 (pre-BSE) levels, or three years after effective date of the agreement, whichever comes first. Safeguards will be available, including a price-based safeguard after the transition period.
A summary of the agreement is posted online at the USTR Web site.