The North America market comprise the USA, Canada and Mexico, all of which are members of the group of 20 (G20). The region offers diverse opportunities for Queensland companies.
North America is a key Queensland export market and trade partner, as well as the state’s largest foreign investor, and will be a key partner for companies looking to enter regional growth markets in Central and South America. In many ways, North America is 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 currently the world’s largest regional economy. It will remain a powerful player in the global economy for the foreseeable future, 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. This means that 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 USA or on 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 USA governments 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 other parts of Australia.
North America opportunities
- Specialty food, beverage and nutritional products
- Mining equipment, technology and services (METS)
- Agricultural technology
- Mining and resources technology
- Health services