PM Transcripts

T9E: L5: 5 No. 60.0. N69o 2 P. 01/ 01
STATEMENT BY THE PRIME MINISTER, THE HON P J KEATING MP
AUSTRALIA-UNITED STATES TRADE AND INVESTMENT FRAMEWORK
ARRANGEMENT I am pleased to announce that Australia and the United States have concluded negotiations
on a Trade and Investment Framework Arrangcmenu, an initiative which arose during the
visit of President Bush in January.
The Airrangement will provide a valuable framework for regular high-level consultations
with thc United States on trade and investment issues. These includeS _ xpsurtb sidies and
imp~ ort barriers which affect some of our exports to the United States such as beef, sugar,
dairy products anid steel.
Australia and the United States have a very substantial economic relatio nsh-i p The
combined value of the investment stock cach country has i he other is o-ver $ 85 billion.
For Australia, the United States is our largest source of imports ( worth around $ 12 billion
In 1991) and our second largest export market ( worth over $ 5 billion in 1991). For the
United States, Australia is both a significant market for goods and services and an
Important destination for investment.
Through its consultative provisions, the Arrangement will help strengthen the open and
non-discriminatory trade and investment environment which both countries support.
Conclusion of the Arrangement is consistent with the Government's policy to pursue
actively all opportunities to advance Australia's trade interests consistent with Australia's
firm commitment to the GAIT mnultilatcral trading system and our support for the Asia
Pacific Economic Cooperation ( APEC) roccss as an essential mechanism for promoting
trade liberalisation in the Asia-Pacific region. Some other APEC countries. have
concluded similar agreements With the United States.
The Government welcomes the Tradc and Investment Framcwork Arrangement and looks
forward to even closer relations with the United States on matters of trade and investment.
CANBERRA 26 November 1992 TEL 26. Nov. 92