[Congressional Record (Bound Edition), Volume 150 (2004), Part 8]
[Senate]
[Pages 9812-9813]
[From the U.S. Government Publishing Office, www.gpo.gov]




                        COMMENDING AUSTRALIA FTA

  Mr. SMITH. Mr. President, today, May 18, 2004, is a historic day for 
U.S.-Australia bilateral relations. A landmark agreement on free trade 
was reached today between the United States and Australia.
  I believe the U.S.-Australia Free Trade Agreement is good for 
America. An FTA with the world's 15th largest economy will bring 
substantial benefits to my state of Oregon and to the whole U.S. 
economy. Australia is an industrialized nation with a high standard of 
living that is already a large market for U.S. exports valued at over 
$23 billion annually. The Australia FTA will boost U.S. manufacturing 
and create U.S. manufacturing jobs by reducing 99 percent of all 
Australian tariffs to zero. For the first time, the United States will 
have a significant advantage over European and Japanese competitors in 
the Australian market. U.S. goods and services will be able to

[[Page 9813]]

compete fairly with other foreign exports in the lucrative Australian 
marketplace. This will be worth over $2 billion a year to U.S. 
manufacturers.
  U.S. agricultural exports to Australia will grow by $700 million, as 
tariffs on all agricultural goods are zeroed out under the FTA; this is 
money in the bank for U.S. farmers.
  Australia is an important market for my home State of Oregon. 
Australia is the 10th largest export market, and is particularly 
important for high quality manufactured goods. Western Star--a 
subsidiary of DaimlerChrysler--located in Portland, OR would save 
nearly $2 million a year in eliminated tariffs and duties that average 
$4,000 per truck exported to Australia. This money could be reinvested 
in expanded production and opportunities for workers in my home State 
of Oregon.
  Trade with Australia also supports numerous other high-paying jobs in 
areas such as transportation, finance and advertising. Furthermore, 
Oregon exports over $39 million per year in computers and electronic 
products. Access to 19 million potential customers is no small deal for 
Oregon businesses.
  Furthermore, Australia is the ideal trading partner for the United 
States. It is an advanced, efficient high wage economy with dependable 
legal and financial regimes. It has labor and environment standards 
comparable to the United States. A free trade agreement with Australia 
just simply makes good sense.
  The FTA will only strengthen our relationship with a close ally. 
Australia and the United States have been true allies through good 
times and bad. We have fought together in every major conflict in the 
last 100 years to defend peace and security. We must stand steadfast 
with our ally, not only in the defense of peace, but also in the 
prospect and benefits of free trade.

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