Enduring economic partners: 15 years of the Australia-United States Free Trade Agreement
b'When the free trade agreement between the United States and Australia (AUSFTA) went into force on January 1, 2005, the two allies were engaged in the wars in Afghanistan and Iraq, economic globalisation was yet to reach its high watermark, and China\\u2019s economy was less than a sixth of the size that it is today. AUSFTA deepened the US-Australia economic relationship, with two-way trade increasing by nearly 80 per cent and investment flows nearly tripling since 2005. But much has changed since 2005, with globalisation in retreat and China the second-largest economy in the world. What lessons ought we draw from the negotiation, adoption and operation of AUSFTA? In an era of economic uncertainty and US-China strategic competition, what lies ahead in the US-Australia economic relationship? What has time revealed about trade liberalisation in the United States and Australia, some fifteen years after AUSFTA and three years since the US withdrew from the Trans-Pacific Partnership?'