A delegation of Australian business representatives will accompany Prime Minister Tony Abbott when he visits Canada and the United States next week to strengthen trade and investment ties, the prime minister announced Tuesday.
This will be the first visit to Canada by an Australian prime minister since 2006. It offers an opportunity to reinvigorate the trade and investment relationship between the two countries.
The business delegation will visit Ottawa and Toronto in Canada and New York and Houston in the United States.
In Ottawa, Abbott will host a roundtable with Australian and Canadian business leaders focusing on infrastructure and energy investment. Delegation members will also visit Toronto with Minister for Trade and Investment Andrew Robb.
The United States is Australia's largest source of foreign investment, with more than 650 billion AU dollars (602 billion U.S. dollars) in total investment in Australia. The U.S. is also the number one destination for Australian investment abroad with more than 470 billion AU dollars (435 billion U.S. dollars) invested in the United States.
A 20 member business delegation will accompany Abbott to New York and Houston. "Trade and investment bring jobs and prosperity, " Abbott said in a statement.
"Australia is once again 'open for business'. The government's drive to cut red tape and abolish taxes that reduce our international competitiveness, such as the carbon tax and the mining tax, is making Australia an even more attractive environment for investment from the United States and Canada," he said.