Visit To The United States And Colombia
This week I am visiting the United States and Colombia to advance trade, tourism and investment opportunities for Australia. Increasing Australia’s trade through new export opportunities and attracting fresh investment will help create new Australian jobs and drive economic growth.
In New York I will meet leading investment firms to encourage further investment in Australia and in Miami I will meet representatives from the international
cruise industry to promote Australia as a tourist destination.
The United States is a key economic and trading partner for Australia. It is the largest investor in Australia and is Australia’s largest investment destination – with two-way investment worth $1.48 trillion last year.
The United States is our second largest trading partner and second largest market for total visitor spend, with visitors from the United States spending $3.7 billion in Australia in 2016.
Our trade and investment relationship has flourished under the Australia – United States Free Trade Agreement (AUSFTA). Since it entered into force, two-way trade has grown from $42 billion in 2005 to $64 billion in 2016.
In Colombia, I will attend the 12th Presidential Summit of the Pacific Alliance. The Pacific Alliance comprises Chile, Colombia, Mexico and Peru and is a significant trading bloc. Members collectively account for 37 per cent of Latin America’s population, 227 million consumers, and 35 per cent of Latin America’s nominal GDP, USD 1.865 trillion in 2015.
At the Presidential Summit I will meet with my counterparts to advance new trade opportunities for Australian exporters.