The Start of the Friendship
Austria is a highly mountainous country in Central Europe. The place became highly dependable upon its industries especially after the World War II. Goods which were primarily seen to boost its economy are iron and steel products, tractors, automobiles, locomotives and electrical parts. They also manufacture plastic, paper and pulp, furniture, processed food and textiles. As part of manifesting their tradition, craftsmen in the area made products out of ceramics, glassware, wood carvings and leather products as well as optical and musical instruments. The vital points that caused some transition in Austrian agriculture included the very rapid decline of the workforce pertaining to this sector. Small-scale farming went down as well and was prevalently initiated by plans of consolidation. Scientific approaches had made a great deal in the area which was said to be a means for providing the food requirements of the citizens. Some of its leading crops are barley, wheat, oats, rye, potatoes, sugar beets and corn. Dairy farming is also contributory to Austria's existing stature in world economy. Balance of trade in the area was predominantly on the deficit side since 1945. Despite attempts coming from tourism and foreign currency, the efforts seem to be not good enough to change its position. Reliant upon a lot of trade partners, Germany is said to be topping the list. Other European nations were also said to be working hard to boost the trade of the country. The United States' participation in the pursuit for better trade in Austria was also seen through time. True to that, the former was said to contribute a lot to Austria's reconstruction. The people as well as government officials highly appreciate these efforts and have recognized this as a mark of an unfailing relationship with the US. Both countries were said to fulfill their interests for each other though at some points, emphasis on this aspect was given on the part of US. In fact, it had exerted a lot of efforts just to make Austria economically and politically stable. Major Exports and Imports Between the Two Nations Austria imports transport equipment and heavy machinery, fuels, foodstuffs and raw materials. Its exports were comprised of lumber, paper and pulp, textiles, iron and steel, electric power and machinery. Its trade relations with US were boosted with a lot of things most specifically on traded goods. Foreign firms from US to Australia were about 350 in number. The US Census Bureau has already recorded balances of trade as late as September 2008. For that specific time frame, US exports to Austria amounted to $2.04 billion while the imports were tracked at $6.60 billion. For the year 2007, it was said that 5.1% of the total exports of Austria to the world went to the US while 3.3% of the market share for imports coming from the US formed part of Austria's own. Other pertinent facts for the said year were recorded as follows:
The very reason that a stronger bond has been maintained between the United States and Austria are the treaties they have signed together. They have intensified their camaraderie with these agreements. Some of the most popular pacts they have entered into have been existent for several decades now. Examples of which are:
The trade conflict between US and Austria was said to be affected by their income taxation standards. It is understood that these two different countries are under laws which are exclusively working for the interests of the particular land where the rules are implemented. Simply said, one side may impose tax for their own betterment and the same is true with the other party. Taxation issues have long been a problem on all trading partners in international business. This cannot be avoided especially when the existing rules are so vague. Oftentimes, even existing treaties could not solve these problems. The common problem is on double taxation. Austria levies goods entering their market from the US thinking that it was not taxed in the latter's jurisdiction. The United States, being more blessed with the knowledge of the standards set by the international market, understands that there is no need to tax a product which enters their territory. To solve all disparities, a taxation convention was made thus eliminating all matters on double taxation as well as preventing fiscal evasion. This was signed between the two parties on May 31, 1996. What Lies Ahead The need to standardize certain rules of a land in relation to that of another is always a concern in all aspects of global trade. After Austria and US came into terms with regards their tax laws, there are not much disputes seen between the two. In fact, Austria's continued commitment to form part of the United Nations made it look forward to its permanent mission in terms of international trade. At present, despite the time-to-time conflicts between the US and the European Union, Austria remained unbiased. Despite its membership with the EU, the government believed that it is better to deal appropriately with US. They have continually grown as one of the strongest trading partners in the world all in accordance with direct foreign investment and all other aspects of market share. With this guiding them, the right path is yet to be seen between US and Austria. The future promises more things for them including reaching their common goals for the immediate resolution of all problems that will interfere along the way. Much more, they are now concentrated on how they will enhance their trade for their future generations to benefit from. US-Austria Trade References
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