The US is a global leader in innovation and new technologies, R&D, and international trade and investment.
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The United States is the world’s largest economy with a GDP estimated at close to US$17.42 trillion in 2014, equating to approximately 22.5 per cent of the global GDP.
The US typically treats foreign investors as equals when dealing with domestic business, and is Australia’s largest two-way investment partner with over $1.3 trillion investment stocks in 2014. The US is also Australia’s third largest trading partner in goods and services at $64.6bn, following China and Japan.
Australia and the United States have maintained over 75 years of diplomatic relations through robust bilateral relations, characterised by cultural and policy similarities spanning foreign policy, trade and investment, law, defence and security, intelligence, development, energy, environment, and education.
The Alliance and the Australia-US Free Trade Agreement (AUSFTA) are key to this relationship and also contributes to widespread global government, academic, and business collaboration. Both countries are also heavily involved in regional and global networks including G20, World Trade Organization, United Nations, and East Asia Summit.