Victoria's relationship with The Americas
The United States of America
The United States is a major driver of the global economy and a leader in international trade and investment. Victoria has a long history of engagement with the United States, with Victorian Government Trade and Investment (VGTI) offices in San Francisco, New York, Boston, Chicago and Washington DC. The offices play a vital role in the facilitation of trade, investment and establishing business and government links and partnerships between the two regions.
The United States is Victoria's largest source of investment, the state's second largest two–way trading partner and the third largest market for food and fibre exports. The United States is a major market for Victorian defence and aerospace products, automotive products, meat, pharmaceuticals and a major source of tourism. In 2019-20, Victoria’s goods exports to the United States were valued at $4.9 billion. Reinforcing the dynamic trade and investment relationship is the Australia-United States Free Trade Agreement (AUSFTA), enacted in 2005.
Victoria and the United States maintain extensive people-to-people links and institutional ties. Melbourne and Boston celebrated the 30th anniversary of their sister-city relationship in 2015, a connection built on a commitment to excellence in healthcare and medicine, information and biotechnology, education, the arts and culture.
The Australia-Canada relationship is mature, highly productive and broadly based. People-to people linkages are deep and wide-ranging across governments, private sectors, academics and communities.
With many commercial, political and cultural similarities to Victoria, Canada offers a stable market to conduct business. Agriculture, resource and technology sectors are strong in both markets.
Canada and Australia collaborate closely in global trade and multilateral institutions including the WTO, APEC, G20, OECD and Cairns Group. Both countries are members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) free trade agreement (active since 2018).
Latin America is a large, dynamic region – with a combined population of 647 million, the region is a key global emerging market. The region’s two largest markets, Brazil and Mexico rank amongst the world’s top 15 economies by GDP. Other key markets include Chile, Peru, Colombia and Argentina.
Latin America occupies a leading position in key sectors of the global economy, including agri-food, mining and minerals, and energy. These industry sectors are seeking solutions that deliver higher efficiency and productivity, representing growing areas of opportunity for Victoria.
Victoria’s business ties with Latin America continue to grow and diversify supported by the Victorian Government Trade and Investment (VGTI) office for Latin America established in Santiago, Chile in 2016. Key sectors of commercial opportunity include mining and mining technology, food and agricultural innovation, education, education technology, medtech and pharma, and the digital economy.
Victorian educational institutions are increasingly popular among international students from Latin America. There is also a growing number of research partnerships and collaborations between Victorian and Latin American universities.
Victoria's cultural ties and people-to-people links to Latin America are substantial. Direct flights between Santiago and Melbourne, serviced by LATAM Airlines since 2017 have been a key driver of education, business, and investment-related travel.
The Victoria Government's Globally Connected: Latin America Trade and Investment Strategy (released in 2018) identifies key trends and opportunities in Latin America and aligns Victoria's capabilities with in-market demands.
Australia has free trade agreements with Peru (in force since 2020), Chile (in force since 2009), and through the CPTPP which includes Latin American member countries Mexico, Chile and Peru. In addition, Australia has double taxation agreements with Chile and Argentina, which facilitate trade and investment across jurisdictions.