Strengthening trade and investment with the UK and EU
Minister Steven Ciobo has been in London and Brussels this week, discussing the implications of 'Brexit' and building support for an Australia-EU FTA. Mr Ciobo also discussed ways to enhance our economic ties with the UK, announcing the establishment of a bilateral Trade Working Group to focus on scoping parameters for a future Australia-UK FTA. Convened at senior officials' level, the working group agenda will include trade policy issues of mutual interest.
Foreign ownership of Agricultural Land Register report
The first report from the Agricultural Land Register shows that foreign investors hold just 13.6% of all Australian agricultural land. The United Kingdom tops the list holding more than half of that portion followed by United States, Netherlands, Singapore and then China. Less than half a per cent of our agricultural land is held by Chinese investors. "With more than $3 trillion worth of foreign investment in Australia today, we cannot afford to risk our economic future by engaging in protectionism," Minister Scott Morrison said.
Australian businesses set to benefit from new Alibaba agreement
A new agreement between Austrade and the Chinese online retailer Alibaba is expected to open doors for fresh Australian produce and a wider range of goods and services. The strategic cooperation will help introduce new brands to Alibaba's 434 million online shoppers, with access to these channels complementing benefits already granted by the China-Australian FTA.
Australia welcomes top Asian travel agents
Over 300 selected travel agents from across Asia were in Perth this week for Corroboree Asia, a training, education and familiarisation event where travel agents are able to experience Australia's tourism products. Travel agents can play a key part in influencing visitors to choose Australia as a holiday destination. Currently Asian visitors contribute 53% of total international visitor spend.
G20 Leaders commit to finalising EGA negotiations by year-end
In Hangzhou, China this week G20 leaders reaffirmed a commitment to conclude the Environmental Goods Agreement negotiations by the end of 2016. Seventeen WTO members – including the EU, US and China – are participating in the negotiation, which is being chaired by Australia. Eliminating tariffs will make environmental goods cheaper and more accessible, stimulate trade in the sector and spur Australian innovation.
USA: Global economic superpower
With seven consecutive years of uninterrupted economic growth, the US economy is creating unprecedented opportunities for dynamic Australian businesses, Australian Ambassador to the USA Joe Hockey said. The US economy is witnessing solid growth across industries where Australian businesses are highly competitive, from energy to agriculture to digital technology. Read more in the newest edition of business envoy.
What China's rebalancing means for Australia
China's Consumption Driven Rebalancing & the Future of Australia's Services Exports is a joint industry report which explores China's rebalancing of its economy and the implications for Australia. Our services sector is expected to benefit from this rebalancing, particularly the construction, healthcare, education, tourism and financial services sectors. Even a moderate growth in Chinese consumption could see up to 25% of our services exports going to this market.
International trade growing again
G20 total international merchandise trade saw modest growth in the second quarter of 2016 – good news for the global economy. The data shows that exports grew in almost all G20 economies except Argentina, Canada and China. Imports increased in all economies except Argentina, France, India, Indonesia, and Mexico who registered slight falls while Russia fell by 5%.
Did you know?
The UK is Australia's second largest source of investment (stocks), worth $500b in 2015. This made up 50% of our total investment from the EU.
Upcoming Trade Events
Australia and Korea Business Councils Joint Meeting
Seoul, South Korea, 17-18 October 2016
The Australia-Korea Business Council and the Korea-Australia Business Council Annual Joint Meeting provides a forum for Australian and Korean senior business leaders and influencers to share insights on the growing business relationship between the two countries, opportunities for further collaboration and discussion about the increasing our bilateral relationship. Email firstname.lastname@example.org for more information.
Know-How for Inbound Tourism Excellence program
Melbourne VIC, 21 September 2016
This program by the Australian Tourism Export Council helps businesses connect with the international tourism market. The Know-How for Inbound Tourism Excellence or KITE program prepares tourism businesses for international readiness, providing market specific insights and specialist topic webinars. Visit the registration page to search for further dates and locations.
Medical Technology Association of Australia 2016
Sydney NSW, 27-28 September 2016
This year's conference theme is 'The BluePrint for a Stronger Australian MedTech Industry' with day one including a session on getting it right in Asia. Whether you're an Australian exporter or member of a multinational company operating in cross national teams, this session will help you work effectively in Asia.