Australia is a prosperous and industrialized nation with a stable economy. 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 with good value. The United States accounted for US$1.2 billion or 11 percent of Australia’s total food related imports in 2019. Despite some impact due to COVID-19, Australia’s economy has begun to recover, and consumer sentiment has rebounded.