President Bush Signs U.S.-Australia Free Trade Agreement
Remarks by the President Upon Signing of H.R. 4759, the United States-Australia Free Trade Agreement Implementation Act
The Rose Garden
9:27 A.M. EDT
THE PRESIDENT: Welcome, please be seated. I'm honored to welcome
you all to the White House this morning, as I sign the legislation
implementing the historic free trade agreement between Australia and
the United States.
For nearly a century, our two nations have been allies in war and
partners in peace. Prime Minister Howard's superb leadership has
helped ensure that the friendship between our two peoples remain
strong, that our commitment to political and economic freedom remains
firm.
The U.S.-Australia Free Trade Agreement is a milestone in the
history of our alliance. It expands our security and political
alliance by creating a true economic partnership. It will create jobs
and opportunities in both our nations. It will fuel economic growth
throughout the Pacific Rim, and it will strengthen our common ties of
family and friendship.
I appreciate so very much those in my Cabinet who have worked hard
to make this agreement come true: Secretary of State Powell, Secretary
of Agriculture Ann Veneman, Secretary of Commerce Don Evans, and, of
course, Ambassador Bob Zoellick, who is the U.S. Trade Representative.
Just as an aside, Zoellick has done heroic work, as has his staff,
to see to it that the world trades more freely and America is treated
fairly when it comes to trade.
I appreciate Ambassador Michael Thawley, the Ambassador of
Australia to the United States, for his tireless efforts in
representing his country's best interests as we negotiate this trade
agreement. Mr. Ambassador, you are a credit to your country.
I'm also proud that Senator Orrin Hatch is with us. Senator, I
appreciate you taking time to come and represent the United States
Congress. This agreement received strong bipartisan support, it
represents that members of both parties understand the benefits of
trade to our country. Welcome, Senator, I appreciate you coming.
We support free and fair trade. I support free and fair trade,
because it has the power to create new wealth for whole nations and new
opportunities for millions of people. Sound policy can help unleash
the initiative and talent of free people. Open trade is sound policy.
It has a record for creating jobs and raising living standards and
lowering consumer prices.
My administration is working with the Congress to extend the
benefits of free trade throughout the western hemisphere, in Africa,
and into the Middle East. We renewed the African Growth and
Opportunity Act, which promotes economic reforms and reduces trade
barriers on goods from the nations of sub-Sahara Africa. Working with
Congress, we entered into a new free trade agreement with Morocco and
Chile. We're encouraging the free flow of trade across the Pacific.
Last year I had the honor to sign a free trade agreement with
Singapore, America's first with an Asian Pacific nation. Today, I'm
honored to sign legislation enacting the second.
The total annual two-way trade in American and Australian goods and
services stands at $28 billion. Australia is America's 10th largest
export market. Our trade with Australia is important to every
American. It is vital to our economy. The U.S.-Australia Free Trade
Agreement is a recognition of that importance and a commitment by both
our nations to work in partnership for common prosperity. This
agreement will immediately eliminate duties on 99 percent of all
U.S.-manufactured exports to Australia. That is the largest immediate
reduction of tariffs on manufactured goods ever achieved in an American
free trade agreement.
America's manufacturers estimate that eliminating these tariffs
will increase the export of manufactured goods by nearly $2 billion per
year. That will mean new jobs for American workers. This agreement
will also be good for America's farmers. It will eliminate all duties
on American agricultural products entering Australia. Today, American
farmers export almost $700 million worth of goods to Australia. And
because of this agreement, that total will rise.
Free and fair trade means more than eliminating tariffs on existing
trade. We must also work to open up new sectors of our economy to
competition and trade. This agreement opens important sectors of
Australia's economy, such as telecommunications, government
procurement, express delivery, computers, tourism, energy,
construction, financial services and entertainment. And the agreement
strengthens protections for intellectual property and promotes
electronic commerce.
One of the great economic achievements since the end of the Cold
War has been the success of free and fair trade in raising up the
world's poor, bringing hope to the world's hopeless, promoting freedom
among the world's oppressed, and creating jobs at home and abroad. The
same advantages that this agreement will bring to the United States and
Australia can and should be available to the developing world. Our two
nations are committed to the reduction of trade barriers and other
restrictions that are keeping too much of the world from the kind of
prosperity and opportunity that the developed world takes for granted.
On Saturday, that commitment yielded an important result that will
benefit manufacturers and farmers from America, Australia and the
world.
For the last several days, our trade ministers in Geneva have
worked tirelessly to achieve an agreed framework for the WTO's Doha's
negotiation. This framework provides a road map for these ongoing
talks. Among other things, it commits WTO members to the elimination
of export subsidies on agricultural products. And it commits them to
start new work on the overhaul, streamlining and transparency of
customs rules.
There is more work to be done, but Prime Minister Howard and I
remain committed to the success of the Doha negotiations. The United
States and Australia have never been closer. We're allies in the war
on terror. We're partners in the effort to help democracy take root in
Afghanistan and Iraq and throughout the world. We understand that free
societies will be peaceful societies. We long for peace. I appreciate
Prime Minister Howard, he's a strong partner in peace. We understand
that over the long-term the only way to create a safer world is to
create a better world. We share a belief in the need to help others.
This trade agreement serves the interests of our countries. It
serves the interests of the United States and Australia. It serves the
interests of citizens with ambition and initiative and entrepreneurial
instincts in both our countries. It advances the principle of free and
fair trade. I am grateful to the Prime Minister, John Howard, for his
good work and his vision and his friendship.
And it's now my honor to sign the U.S.-Australia Free Trade
Implementation Act.
(The Act is signed.) (Applause.)
THE PRESIDENT: Thank you all for coming. (Applause.)