Tradeology, the ITA Blog

This post originally appeared on the Department of Commerce blog.

World Trade Month logo

During the past few weeks, ITA employees have participated in events across the country in recognition of World Trade Month. The month gives us all an opportunity to acknowledge the importance of trade and investment as a driver of prosperity for our workers, businesses, and the U.S. economy.

Under Secretary Stefan Selig kicked off World Trade Week at the International Trade Awards breakfast with business leaders and foreign government representative in New York City.

On May 16, U.S. Secretary of Commerce Penny Pritzker honored 123 U.S. companies and organizations that export goods and services overseas during the 2016 President’s “E” Awards ceremony. This year, for the first time in the award’s 54-year history, winners represent every state and the District of Columbia. This was a true representation that trade is fundamental to the success of American workers.

During the week of May 16 we celebrated World Trade Week by leading two trade missions: a renewable energy trade mission to Mexico and a business development mission to the South Pacific.

In addition, on May 25, we had the pleasure of partnering with the Global Innovation Forum—a project of the National Foreign Trade Council—for an educational program at Microsoft Ventures in Seattle as a part of our Startup Global program, an initiative designed to help more startup firms think on a global scale from the earliest stages of growth.

But as we look forward beyond May, we must think about the work that must continue. Bilateral trade agreements like the Trans-Pacific Partnership (TPP) are crucial to our economies success. The agreement will eliminate high tariffs and provide a strong path for our businesses here at home.

The ITA staff has developed useful resources on the agreement that can help exporters look forward to this 21^st century trade agreement. The Opportunities by Markets Report, Jobs Supported by Exports, country fact sheets, tariff tool and state fact sheets- are all FREE tools that highlight new opportunities available once TPP is passed.

In addition to TPP, we are looking forward to the SelectUSA Summit, June 19-21 in Washington DC. The Summit brings companies that are considering establishing or expanding operations together with economic developers from across the country to learn how the U.S. climate for innovation—as well as the other advantages offered by the United States—can support their global competitiveness. We expect to welcome more than 2,000 participants to Washington from approximately 70 countries and every corner of the United States.

Although World Trade Month may be coming to an end, our work here at ITA will continue. We will continue to advocate fair trade across boarders for American businesses and its workers. We will also continue to provide our customers with resources to help them make informed decisions before, while and after doing business abroad. Stay up to date on the resources available by subscribing to our ITA Newsletter, a monthly update on the latest news in trade.

And for those of you on social media, thanks for being a part of the conversation! #worldtradeweek #EconDevWeek.

Karen Ballard is the Vice Counselor for Commercial Affairs for Australia and New Zealand at the U.S. Consulate in Sydney, Australia. Dr. Doug Hartley is the Commercial Specialist for Aerospace and Marine industries at the U.S. Embassy in Canberra, Australia.

Australia and the United States enjoy a very close alliance.

Australia shares many cultural traditions and values with the United States, and has played a key role in the United States’ rebalance to Asia strategy.  The country is a rules-based democracy with a familiar legal and corporate framework, sophisticated consumer and industrial sectors, and a straightforward, English-speaking business culture.

Australia is the world’s 12^th largest economy and the U.S. exported $26.6 billion in goods and $19.4 billion in services to Australia in 2014.The trade relationship has been helped by the 2005 U.S.-Australia Free Trade Agreement (AUSFTA), which has effectively eliminated tariffs on most goods.

As the U.S.-Australia bilateral trade relationship is already underpinned by the 11-year-old AUSFTA and the three-year-old Australia U.S. Defense Trade Cooperation Treaty, the TPP finely tunes an already robust partnership through improved customs provisions and regulatory practices, and rules of origin that incentivize manufacturing in the United States.

Our two countries cooperated closely in the successful conclusion of the TPP negotiations, as the TPP represents a big step forward for trade in the Asia-Pacific region and a clear incremental improvement on the AUSFTA.  TPP will build on AUSFTA, and open up new opportunities for both Australian and U.S. companies alike throughout the Asia-Pacific.  The TPP will also assist Australia’s transition into a 21^st century economy driven by services and advanced technology, and less dependent on extractive industries.

Australia’s location makes it a natural strategic partner to the northern hemisphere.  It is a market of opportunity for U.S. companies in the fields of machinery, automobile products, chemicals, health and medical technology, and information and communication technologies.

The three upcoming major defense shows in Australia, Land Forces 2016-Adelaide,  Avalon 2017-Melbourne and Pacific 2017-Sydney, all prominently feature U.S. products and services.

Recently, Australia has committed to a significant expansion of its defense capabilities, proposing $140 billion in new equipment and systems acquisitions over the coming decade.  In 2015, Australia was ranked as the 3rd largest importer of large defense systems worldwide*.  The United States is by far the major overseas source for Australian military needs.  Australia is a particularly close and important partner on the F-35 aircraft program.  U.S. defense exports are helped to a high degree by this alliance and the desire for interoperability between our military forces.

We believe 2016-17 will continue to show opportunities in the Australian market for American companies with innovative products and technologies.  We invite U.S. exporters to contact us to help analyze and execute business objectives for the Australian market.

For more information on U.S. export opportunities in Australia under TPP please see our Australia TPP report and to look up tariff information under both TPP and the AUSFTA please visit the FTA Tariff Tool.

*Stockholm International Peace Research Institute

Marcus Jadotte is the International Trade Administration’s Assistant Secretary of Commerce for Industry & Analysis.

Earlier today, the International Trade Administration (ITA) released the 2016 Top Markets Reports to provide the latest assessment of export opportunities for U.S. companies. The Top Markets series is a collection of 19 sector-specific reports that are designed to help U.S. exporters compare markets across borders, using market intelligence and data to inform decision-making.

Top Markets Logo

Thanks to feedback from our clients, we know that having sector-specific, forward-looking market intelligence is imperative for U.S. companies as they work to increase exports and identify their next export market. ITA is committed to providing this type of information and we hope that the Top Markets Reports have helped to meet this need. The 2015 versions of the Top Markets Reports had nearly 68,000 page views and were downloaded more than 16,000 times.

We are excited to build upon our reports from last year to reflect the most up-to-date analysis and insights from our experts, as well as incorporate information about how key developments in 2015 — such as the commitments from the December 2015 United Nations Framework Convention on Climate Change (UNFCCC) in Paris and the conclusion of the Trans-Pacific Partnership agreement negotiations — will impact opportunities for U.S. exporters. Additionally, each report has new country case studies. This year, we have produced seven new reports providing market intelligence for a range of important industries, including pharmaceuticals and manufacturing technology.

From aircraft parts to renewable energy, education to cold supply chain, cloud computing to industrial automation, each Top Markets Report includes commentary on opportunities, trends, and challenges facing U.S. exporters in key potential markets. The reports combine the unique expertise of ITA’s sector leads in Industry & Analysis with economic data and the views of our staff stationed around the world. Exporters can access full reports or view individual sections. Collectively, the series includes more than 200 pieces of individually-viewable market intelligence.

To download a full report or view individual case studies within each report, visit http://www.trade.gov/topmarkets.

The Top Markets Reports are also a tool for federal agencies to use to prioritize export promotion activities and trade policy initiatives. We have already begun to incorporate the insights and analysis from the 2015 Top Markets Reports into these efforts, including targeting trade mission destinations and recruitment for the International Buyers Program at trade shows based on the top market rankings.

We hope you find these reports valuable and welcome your feedback and suggestions.