Bush signs U.S.-Australia free-trade agreement into law

Bush signs U.S.-Australia free-trade agreement into law    President Bush signed the U.S.-Australia free trade agreement legislation into law at a signing ceremony at the White House Tuesday.
   “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,” Bush said in a statement.
   The total amount of two-way trade in goods and services between the United States and Australia has reached about $28 billion. Australia is the United States’ 10th-largest export market.
   “This agreement will immediately eliminate duties on 99 percent of all U.S. manufactured exports to Australia,” Bush said. “That is the largest immediate reduction of tariffs on manufactured goods ever achieved in an American free trade agreement.”
   U.S. companies estimated that eliminating these tariffs would increase their exports of manufactured goods to Australia by almost $2 billion a year.
   The free trade agreement also eliminates duties on U.S. agricultural products shipped to Australia. “Today, American farmers export almost $700 million worth of goods to Australia. And because of this agreement, that total will rise,” Bush said.
   After ratification by the Australian parliament, which is expected soon, the agreement will become effective between the countries on Jan. 1.