BUSINESS: Australia hopes to finalise US free trade deal next week, page 1

According to Australian Trade Minister Mark Vaile, a free trade deal may be in place as early as next week. The deal has been held up on the American side due to concerns over generic medications, but the minister indicated that a resolution is only a few days away. The deal if approved is due to take effect January 1. Australia is also looking at trade pacts with Mexico and the United Arab Emirates.

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SYDNEY (AFP) - A free trade agreement between the United States and Australia should be completed by next week, Trade Minister Mark Vaile says.

The deal has been delayed by Washington's misgivings over last-minute Australian amendments designed to protect access to cheap generic medicines but Vaile said a resolution was days away.

Vaile said any obstacles to a formal exchange of letters between Australia and the United States would be cleared by the time he meets his US counterpart Bob Zoellick at the Asia-Pacific Economic Cooperation meeting in Chile next week.

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Free trade will help consumers in both countries. However, I remain concerned about our ever bloating trade deficit. However, given Australia�s high standard of living level, it may be amore even exchange this time around. This will further codify Australia and the United States cooperation in military issues as well.