Doubling the United States’ exports over the next 5 years may sound like a lofty goal after a catastrophic 2009. But the gradual increase of US exports in goods of 46% from 2009 to 2012 makes this goal quite feasible in my opinion. US exports in goods reached 1.56 trillion in 2012 and 0.63 trillion in services totaling 2.19 trillion. Free trade agreements are undoubtedly one of the best tools for US exporters to expand their sales.
The purpose of a free trade agreement is to allow faster and more business between 2 or more countries, it covers many aspects of government activities and the main goal of FTAs for the United States is to reduce barriers to US exports by reducing or removing the tariffs charged on all qualified products. Currently the United states has 14 free trade agreement in effect with 20 countries which I believe might be useful for many exporting companies. Australia Free Trade Agreement entered into force on January 2005. Duties on more than 97% of US non-agricultural tariff lines became duty free from day one of the agreement. The main US exports to Australia in 2010 were in the sectors of machinery, vehicles; not railway, optic/medical instruments, and electrical machinery. [Read more...]