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Taking the lead for Australia United States Business Week



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MEDIA RELEASE

MINISTER FOR TRADE AND INVESTMENT

The Hon Andrew Robb AO MP

15 February 2016

TAKING THE LEAD FOR AUSTRALIA UNITED STATES BUSINESS WEEK

Trade and Investment Minister Andrew Robb will lead a business delegation to the United S tates today to launch the inaugural Australia United States Business Week (AUSBW), a

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ogram that will visit six major US cities between 16 and 25 February.

AU

SBW 2016 will promote US investment in some of Australia’s key sectors by fa miliarising US investors with Australia’s c apabilities through roundtables, market briefings, site visits and industry summits.

Around 240 Australian companies will take part in AUSBW, which will be held in America’s ke y commercial centres of Los Angeles, San Francisco, Chicago, Houston, Boston and New

York.

“The US is the largest foreign investor in Australia and the source of much of the world’s commercial innovation and new ways of doing business,” Mr Robb said.

It is also the top destination for Australia’s foreign investment; since the commencement of our f ree trade agreement with the United States a decade ago, two-way investment has more than doubled to over $1.3 trillion.

Through AUSBW, we are looking to reinvigorate an already strong relationship. In pa rticular, AUSBW represents an effective platform to inspire US investors with Australia’s new $1.1 billion national innovation agenda,” he said.

In 2014

-15, the US was Australia’s second largest two-way trading partner for services and thi rd largest export market. Australian firms exported about AU$20.5 billion in goods and se

rvices in that year.

“Australian business people from agribusiness and food science, resources and energy, medical technology, digital technology and tourism will have the opportunity of learning more about the US market, making personal contacts and informing US investors directly a

bout the opportunities in Australia,” Mr Robb said.

MEDIA RELEASE

Mr Robb said his visit to the US comes just after Australia signed the Trans Pacific P artnership (TPP) agreement, a major new trade pact that will join together 12 economies

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presenting 40 per cent of global GDP into a free trade zone across the Pacific.

“The TPP offers great benefits to the Australian economy in terms of tariff reductions and market access for services, so we are keen to see it ratified by nations such as the US, which after all is the key player in the global economy,” Mr Robb said.

AUSBW is part of the expanded series of Australia Week trade missions and promotional e vents that were funded in the 2015-16 Federal Budget. It will build on the success of the

Australia Week events in China, India and Indonesia.

It is also a key aspect of Australia’s economic and public diplomacy in the United States, whic h included the G’Day USA promotional program in 2016.

S

eparate to AUSBW, Mr Robb will lead our first business mission to Havana, Cuba for discussions with local business figures and the Cuban Government about Australia’s c

apabilities in infrastructure, mining, energy, agriculture and education, as well as healthcare, medic al research and tourism.

T

rade and Investment Minister’s Office: (02) 6277 7420, 0400 940 968 or

0437 971 721.