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The Australia-US Free Trade Agreement (AUSFTA), entered into on January 1, 2005, was the first FTA the United States executed with a developed economy since the US-Canada FTA in 1988. 
The Australia-US Free Trade Agreement (AUSFTA), entered into on January 1, 2005, was the first FTA the United States executed with a developed economy since the US-Canada FTA in 1988. Australia also has FTAs with New Zealand-ASEAN, Singapore, Thailand and Chile, and is pursuing other FTAs with China, Japan, Malaysia and South Korea.

Since the 1980s, Australia has undertaken significant structural reform of its economy and has transformed itself from an inward-looking, highly protected and regulated marketplace to an open, internationally competitive, export-oriented economy.

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