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(NAPSI)—As a successful businessman and negotiator, President Trump ran much of his campaign on promises of updating established international trade agreements to benefit American businesses and their workforces. Needless to say, he has taken on a challenge that many of his predecessors, with their focus on diplomatic relations, were unable to achieve. Time will show whether this 45th president will be able to fulfill this challenge, but many American businesses are relying on him to not only improve their freedom to trade internationally but to protect their assets from loopholes that continue to hurt their business.
Omissions and oversights in international agreements can cost millions of dollars and American jobs.
One particular example of what many consider an unfair trade agreement is
the Australia-United States Free Trade Agreement (AUSFTA), which lets
One Firm’s Story
Closing this loophole would offer a heavy financial respite for business executives such as John Campion, CEO of APR Energy, a privately owned company that provides emergency electricity to industries and countries around the world.
In late 2013, APR leased $70 million worth of generators and other facilities to the Forge Group Power Pty Ltd, an Australian company that had contracted with Horizon Power, a state-owned public utility in Western Australia. The project was designed to address a severe power shortage in that state.
In February 2014, the Forge Group was placed under voluntary administration
liquidation and all assets were seized by receivers appointed by their largest
The recourse APR currently has for this financial loss is uncertain because
As this suggests, the lack of a defined procedure under the AUSFTA appears
to be prejudicial to
What Can Be Done
It is hoped by many American businesses and financial institutions that the recent meeting between President Trump and the Australian Prime Minister Malcolm Turnbull will mean the start of a renegotiation of what may look like a minor detail in a large trade agreement but that has the potential to cost company’s revenue and American workers their jobs.