US FTA Approval a Major Advance for Australia's Economy

The Business Council applauded federal Parliament’s approval of the free trade agreement with the United States today.

BCA President, Mr Hugh Morgan, said the agreement was an historic achievement and praised the government for its tenacious endeavours during past two years to bring this to a satisfactory conclusion.

Mr Morgan said the government deserved particular credit for initiating the agreement and ensuring Australia’s national interests were advanced.

“Negotiating such a landmark agreement with the world’s largest and most influential economy is a major advance for Australia’s long-term economic development,” he said.

“It is also an important fillip for our trade relations policy and confirms Australia as a key participant in regional trade policy and negotiations.”

“While multilateral agreements remain a preferred option in advancing our trade interests, the reality is that the process is often uncertain and can take considerable time to deliver results.

“The willingness of other economies such as China, Malaysia and the ASEAN group to now commence potential bilateral trade agreements with the government underlines the far-reaching importance of the US FTA for Australia.”