22 November 2012
Regional Comprehensive Economic Partnership (RCEP) launched
Prime Minister Gillard and Trade and Competitiveness Minister Emerson were in Cambodia this week to help launch the Regional Comprehensive Economic Partnership. Australia’s participation in RCEP will help improve the flow of goods, services, capital and ideas in the region as we navigate the Asian Century.
Media release: Australia joins launch of massive Asian regional trade agreement
Asian Century White Paper on the road
While in Cambodia, Minister Emerson briefed counterparts on the Asian Century White Paper as part of his new role as Minister Assisting the Prime Minister on Asian Century Policy. The White Paper sets out how Australia can compete in Asia in the coming decades.
Read the Asian Century White Paper.
Trade at a glance now available
Speaking of the benefits of trade, the 2012 edition of Trade at a Glance is now available on the DFAT website. This handy publication showcases Australia’s trade and features articles on some of the hottest issues in trade, including global supply chains.
New country fact sheets
DFAT has just released the latest 2011-12 trade and economic fact sheets, which provide a useful snapshot of Australia’s trade with different countries and regions. Did you know that Australia imported $251 million worth of Swiss watches and clocks in 2011-12?
Regional integration, free trade the key to growth
In a speech this week in Hong Kong, Asian Development Bank President Haruhiko Kuroda listed greater regional integration and freer trade among the steps needed to ensure continued growth in Asia and the Pacific. Kuroda reaffirmed these sentiments at the opening of the ASEAN Global Dialogue on Tuesday.
China-Japan-South Korea FTA negotiations announced
Trade Ministers of Japan, China and South Korea this week announced they would begin negotiations for a trilateral free trade agreement in 2013. These northeast Asian economies together account for around a fifth of global output, with combined gross domestic product of US$14.3 trillion and intra-merchandise trade worth almost US$700 billion.
Read more about why this potential trading bloc is big news.
Latest OECD report looks to 2060
The OECD has released a new report focusing on how the balance of economic power will shift in the coming five decades. By 2060, the OECD predicts the combined GDP of India and China will be greater than that of the entire OECD area based on its current membership.
OECD report: Looking to 2060: Long-term growth prospects for the world
Ten things the WTO can do
The World Trade Organization has published a downloadable booklet to bust myths about the WTO and explain its key role in global trade and economic stability.
WTO booklet: 10 things the WTO can do.