United States of America
The United States of America is the world's largest economy.
The country is a major driver of the global economy, with its gross domestic product (GDP) totalling more than US$18.0 trillion in 2015, representing around one-quarter of global GDP. The US is also a world leader in international trade and investment, research and development expenditure, and stock market capitalisation.
The US is Australia's most important economic partner (when goods, services and investment are combined), and the two nations share over 50 years of close collaboration to promote global trade liberalisation.
The US continues to offer significant opportunities to NSW, both as an export destination and as a foreign investment source. In 2016-17, NSW exported A$2.6 billion worth of goods to the US, and NSW imported A$12.2 billion worth of goods from the US.
More than 35% of the US's merchandise trade with Australia occurs within NSW. In 2016-17, total bilateral merchandise trade between NSW and the US was valued at A$14.8 billion, making it NSW's third largest trade partner.
Australia-United States Free Trade Agreement
The Australia-United States Free Trade Agreement (AUSFTA) is a long-term commitment and framework to strengthen trade relations and economic integration with the United States across all sectors of the economic relationship.
This Agreement significantly improves Australia's attractiveness as a destination for US investment, important for our efforts to maintain Australia at the leading edge of growth and competitiveness.
At the same time, the Agreement secures important Australian interests in areas such as health, in particular the Pharmaceutical Benefits Scheme, foreign investment screening, the audio-visual sector and our quarantine and food safety regimes.