Trade Talk brings you a selection of the latest trade news from Australia and the world.
11 December 2014
Resource and manufacturing exports strengthen
New ABS data shows growth in resource and manufacturing exports led to a sharp narrowing in the trade deficit for October. Resources exports rose 3.4% in October, contributing to a 40.8% narrowing of the trade deficit from September to $1.3 billion. Exports to China were down 5.3% to $8.5 billion.
TIM Media Release: Australia’s resource exports strengthen
India hosts the sixth round of RCEP negotiations
India hosted the sixth round Regional Comprehensive Economic Partnership negotiations from 1-5 December. Around 550 officials from ASEAN, Australia, China, India, Japan, Korea and New Zealand met to progress negotiations on chapter text and market access.
DFAT: Regional Comprehensive Economic Partnership negotiations
Ninth Round of Trade in Services Agreement negotiations in Geneva
Over 200 negotiators and experts attended the ninth Round of Trade in Services Agreement negotiations chaired by Australia in Geneva last week (1-5 December). Parties made good progress across the 17 chapters under negotiation.
DFAT: Trade in Services Agreement (TiSA)
Korea – Australia Free Trade Agreement to enter into force tomorrow
On December 12, the Korea-Australia Free Trade Agreement will enter into force. Tariffs will be eliminated immediately on 84% of Korea’s imports (by value) from Australia. On full implementation, 99.8% of Australian goods exports will enter Korea duty free. Korea is Australia’s third-largest export market.
DFAT Media Release: Trade agreement strengthens regional ties
Revised code to help Australia remain attractive to the Chinese tourist market
Minister Robb has announced new measures to ensure Australia remains attractive to the rapidly increasing Chinese tourist market. “With Chinese tourists now our top-spending international visitors, it’s important we continue providing the kinds of experiences they demand” said Minister Robb. In 2013-14, there were 761,400 Chinese visitors to Australia.
TIM Media Release: Robb committed to increasing Chinese tourist market
Austrade News: China Approved Destination Status scheme
International Anti-Corruption Day
December 9 was International Anti-Corruption Day. Foreign bribery results in inefficient allocation of resources and economic distortions. The Attorney-General’s Department has led the development of an online learning module on foreign bribery that includes steps business can take to help promote compliance.
AG News: Foreign bribery
OECD report exposes scale of international bribery
An OECD report on international bribery suggests most bribes are paid by large companies, usually with the knowledge of senior management in advanced economies. Almost two-thirds of cases occur in just four sectors; extractive, construction, transport and storage, and information and communication.
OECD News: Scale of international bribery laid bare by new OECD report
OECD Report: OECD Foreign Bribery Report
Continued accumulation of trade-restrictive measures pose a risk says Azevêdo
“Trade restrictions introduced by WTO members since 2008 continue to rise” said WTO DG Azevêdo discussing his report, ‘Developments in the International Trading Environment’. “In a climate of economic uncertainty, the accumulation of trade-restrictive measures poses a clear risk”.
WTO News: Azevêdo says rise in trade restrictions “cause for concern”
Australian chocolate company expands to India
The world’s most popular indulgence, chocolate, has become booming business for one Australian firm in India. The Chocolate Room is expanding rapidly in India as demand for chocolate there increases. The company has a presence in 10 countries worldwide.
Austrade Export Report: The Chocolate Room: Meeting India’s Hunger For Chocolate
Did you know?
Australia exported over $210 million in chocolate products in 2013-14. The countries with the largest sweet tooth for Australian chocolate were New Zealand, Japan and Singapore.
Trade articles sourced from non-Australian Government sources do not necessarily reflect the views of the Australian Government.