The North America market offers diverse opportunities for Queensland companies.
North America is Queensland’s fifth largest merchandise trade partner and largest investor, and will be a key partner for companies looking to enter regional growth markets in Central and South America – in many ways, the gateway to the Americas.
Its sophisticated capital markets and financial structures provide vital support mechanisms for innovative SMEs to expand into these growth markets.
North America is the world’s largest regional economy by GDP, but is forecast to be taken over by China and India.
It will remain a powerful player in the global economy especially for the development of new technologies and the provision of investment capital.
The Australia-US Free Trade Agreement (AUSFTA) has been in place since 2005 and 97% of Australia’s non-agricultural exports (excluding textiles and clothing) are duty free and two-thirds of agricultural tariffs have been eliminated.
There are no restrictions on moving capital in or out of the US or the repatriation of profits. In 2003, a protocol amending the double taxation convention for Australia and the US entered into force followed by an agreement between the Australian and the US government to improve international tax compliance and to implement the Foreign Account Tax Compliance Act (FATCA) on 30 June 2014.
North America remains the largest market for funding and commercialising innovative technologies and already attracts many technology firms from Queensland and Australia.
North America opportunities
- Specialty food, beverage and nutritional products
- Agricultural technology
- Mining and resources technology
- Health services