Read about the full benefits of TPP-11
Australian businesses can read about the full benefits of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (or TPP-11) following the release of the text on 21 February 2018. The agreement will create a new $13.7 trillion GDP-strong trade zone and eliminate more than 98 per cent of tariffs within it.
Outcomes at a Glance
China key in trade by State and Territory
China remained the largest merchandise trading partner for all the States in 2016-17 and took over top position for the Northern Territory according to DFAT’s ‘Australia’s trade by State and Territory 2016-17’ report released this week. The Australian Capital Territory retained Switzerland as its top merchandise trading partner. Western Australia accounted for the largest share of Australia’s exports, with 35 per cent or $130.9 billion.
Trade by State and Territory 2016-17
Australia breaks records with one million visitors in one month
Australia welcomed one million international visitors in December 2017, up 3.5 per cent from December 2016 setting a new monthly record. Total international arrivals for the year reached 8.8 million, up 6.5 per cent on the previous year. The highest growth markets in 2017 were India (up 15.2 percent), Hong Kong (up 13.8 per cent) and China (up 12.2 per cent). The largest source countries for visitors were New Zealand, China, the United States and United Kingdom.
Growing Australia’s shipbuilding industry
Minister for Trade, Tourism and Investment Steven Ciobo launched a new Austrade report titled ‘Australia’s Capability in Commercial Shipbuilding and Services’ this week. The report highlights the strengths of Australia’s shipbuilding industry and will be used as a promotional tool by our diplomatic and trade missions overseas.
Release of Agricultural Trade Matters report
The latest edition of the Department of Agriculture and Water Resources’ report on Australian Government efforts to support agricultural trade covers a range of topics, including updates on the Export Control Bill 2017 and how Australian canola exports are helping the European Union meet its greenhouse gas emission standards.
ASEAN-Australia Digital Trade Survey
The ASEAN-Australia Digital Trade Standards Survey aims to determine areas of opportunity for digital standards harmonisation, technical alignment, regulatory coherence and policy cooperation and also uncover knowledge and participation gaps across the digital trade sphere between ASEAN and Australia. The information gathered in the Survey will contribute to a Digital Trade Discussion Paper, a Digital Trade Standards Workshop and a final Recommendations Report presented to the ASEAN Secretariat and the Australian Government. The Survey is being conducted across ASEAN Member States and Australia until Monday 26 March and is a critical component of the ground-breaking ASEAN-Australia Digital Trade Standards Initiative.
Complete the Survey
Australian Border Force 2018 customs compliance priorities
Throughout 2018, the Australian Border Force will continue to work closely with industry to facilitate trade and reduce illegitimate and non-compliant imports and exports. The ABF will identify and address non-compliance issues and undertake education and enforcement action where necessary to improve voluntary compliance. Increased compliance by industry, brokers and the whole supply chain facilitates legitimate trade, ensures a level playing field for industry, and contributes to the protection of Australia’s border.
Business Partnerships Platform India Window
A Business Partnerships Platform (BPP) India Window is being opened to help identify and support scalable shared value partnerships that will contribute to India's economic growth agenda whilst addressing development challenges. Applications are sought for the agribusiness, energy and resources (including water), and health sectors. The BPP contributes directly to accelerating Australia’s collaboration with business to address development challenges in our region.
OECD GDP growth slows slightly at end of 2017
OECD-area GDP growth slowed slightly in the last quarter of 2017, recording 0.6 per cent growth, down from 0.7 per cent in the third quarter. Japan experienced the largest percentage drop among the OECD’s ‘major 7 economies’, to 0.1 per cent compared with 0.6 per cent in the previous quarter. Growth slowed marginally in the United States, Germany and Italy and picked up slightly in France and the United Kingdom. However, over the year, OECD-area GDP rose by 2.5 per cent, up from 1.8 per cent in 2016.
Call for papers for WTO’s 2018 Essay Award for Young Economists
The WTO has issued a call for young economists to submit papers for the 2018 WTO Essay Award. The award aims to promote high-quality research on trade policy and international trade cooperation and to reinforce the relationship between the WTO and the academic community.
The future is bright for Australian-UK business relations
In this article Charles Bowman, Lord Mayor of the City of London, explains why he thinks the next few years will be an exciting time for UK-Australian business relations, with Fintech an area of particular interest.
Australian British Chamber of Commerce
World Economic Forum: Brexit, the US, China and the future of global trade
Every country in the world is party to at least one Preferential Trade Agreement, Anabel Gonzalez, Member of the World Economic Forum's Future Council on Trade & Investment and former Trade Minister of Costa Rica, points out in this WEF article about trade agreements and the countries which are now leading greater trade cooperation.
Did You Know?
Australia’s shipbuilding sector generates around $1.7 billion a year, provides jobs for 14,600 people, helps underpin defence and commercial markets and delivers $575 million in merchandise exports.
Upcoming Trade Events
Advanced Exporting Workshop - ASEAN markets and E-commerce
North Wollongong, NSW, 7 March 2018
This workshop is designed for regional NSW export-ready businesses and will include presentations by Asialink Business on how to develop and implement a comprehensive market entry strategy for ASEAN markets and expert tips on e-commerce by Austrade.
Directions and Issues for Australia in International Trade
Hobart, TAS, 8 March 2018
Austrade CEO Dr Stephanie Fahey will speak at this TCCI and Australian Institute of International Affairs Tasmania event on how Australia is positioned in the evolving international trade climate.
Tourism Australia’s ‘Destination Australia’ Conference 2018
Melbourne, VIC, 15 March 2018
Tailor-made for Australian tourism businesses serious about attracting high yield international travellers, Tourism Australia has hand-picked experts to delve into the big issues and tackle today’s most important tourism marketing questions, including the outlook for Australian tourism and how to succeed in Asia. Ninety five per cent of delegates rated last year’s conference ‘good to excellent’.
34th Australia Papua New Guinea Business Forum & Trade Expo
Brisbane, QLD, 30 April –2 May 2018
The annual Australia Papua New Guinea Business Forum & Trade Expo will bring together business, government and other interested parties. The event will feature a speaker program, trade expo and networking events.