Australia is a prosperous, economically stable, and industrialized nation. Underpinning Australia's strong economy is its open and transparent trade and investment environment, and trade and economic links with emerging economies, particularly in Asia. The U.S. - Australia Free Trade Agreement provides some advantages for U.S. products, which are well regarded as high quality and good value. In 2016 Australia imported over US$1.4 billion in total agricultural products from the United States. The United States is the second largest supplier of agricultural products to Australia, comprising 10 percent of total imports. The United States is also the number two supplier (after New Zealand) of imported ‘consumer oriented’ food products accounting for 12 percent of total imports in 2016. Consumer oriented products account for more than 76 percent of all U.S. agricultural product exports to Australia.