Still working towards a Trans-Pacific Partnership
The TPP is the most significant export deal in the history of our region, Minister for Trade, Tourism and Investment Steven Ciobo said. "I think, it's best for us to just take some time, let President-elect Trump take the inaugu ration, become President Trump and let's see how his administration pans out."
Free trade and inbound investment key topics at WEF
The World Economic Forum is a significant opportunity to promote Australia as an investment destination and engage in dialogue with the global community on major economic challenges, Minister for Trade, Tourism and Investment Steven Ciobo said before departing for the Annual Meeting in Davos this week.
World leaders make the case for free trade
Chinese President Xi Jinping became the first Chinese president to deliver a keynote address to the World Economic Forum. President Xi said there was no point in blaming globalisation for the world's problems. "Pursuing protectionism is just like locking yourself in a dark room," he told global leaders and chief executives. "While the wind and rain are kept outside, so are light and air." US Vice President Joe Biden also addressed the Forum pleading with the global community to "act urgently to defend the liberal international order".
New Austrade CEO announced
Stephanie Fahey will be the next Chief Executive Officer of the Australian Trade and Investment Commission (Austrade). In making the announcement this week Minister Ciobo said Dr Fahey would be the first woman to lead Austrade and brought a wealth of international trade and investment experience. She is currently the Lead Partner for Education, Oceania at Ernst and Young. And prior to that was Deputy Vice Chancellor at Monash University in Melbourne.
JAEPA keeps getting better
The Japan-Australia Economic Partnership Agreement continues to deliver for Australian businesses two years on. Exports of Australian fresh table grapes have grown from almost $600,000 in the year to September 2014, to more than $30 million in 2016. Now more than 97 per cent of Australia's goods exports are duty free or receive preferential tariff rates in Japan. Further cuts take place on April 1 every year.
New Year, new tariff cuts under ChAFTA and KAFTA
Australia's FTAs with China and Korea delivered new tariff cuts on more than 7000 Australian products on January 1. Australian exports of bottled wine, ice cream, seafood, some fruits and nuts to China under ChAFTA receive tariffs less than half that paid by our competitors. Tariffs on exports of macadamia nuts, Brussels sprouts and cane molasses to Korea are half what they were before KAFTA.
Local businesses learn benefits of North Asia FTAs
This week Assistant Minister for Trade, Tourism and Investment, Keith Pitt and Assistant Minister to the Deputy Prime Minister, Luke Hartsuyker visited Coffs Harbour and Port Macquarie to outline the significant new opportunities Australia's FTAs with China, Japan and Korea deliver for businesses in the region. Local wine and milk producers also explained how tariffs are being eliminated or reduced as a result of the FTAs.
Foreign Policy White Paper call for public submissions
Organisations and individuals are invited to help inform and shape the Australian Government's Foreign Policy White Paper – a roadmap for advancing and protecting Australia's international interests and how we engage with the world in the years ahead. Questions to guide submissions include "What steps should be taken to maximise our trade and investment and expand commercial opportunities for Australian business?" Submissions are due by February 28, 2017. Go to dfat.gov.au/whitepaper for more information, including details on the publication, privacy and copyright of submissions.
Strong trade results for Australia
Australia's trade in goods and services reached a record $661 billion in 2015-16 with exports recording a nearly 7 per cent increase. China has now held the mantle as our top trading partner for a decade with two-way trade valued at $150 billion or 23 per cent of total trade. The United States was second at $69 billion, followed by Japan at $60 billion.
Resources and energy exports set to reach record highs
Australia's resource and energy export earnings are expected to reach record highs of $204 billion in 2016‑17 according to the December 2016 Resources and Energy Quarterly. "Despite the competitive global environment, the quality of Australia's resources and the high international regard for the industry mean our resources sector is well placed to meet demand over the next year," Minister for Resources and Northern Australia Matt Canavan said.
Austrade: World should look to Australia for trade, investment and collaboration
Austrade's 17th annual edition of the Benchmark Report released this week provides a wide range of economic and financial data to demonstrate Australia's world-class trade, investment and collaboration credentials.
Latest tourism customer research fact sheets released
Tourism Australia has updated 17 country fact sheets covering Australia's key tourism markets with the latest consumer insights data from 2016. The fact sheets also provide insights on four key areas of interest to travellers, including food and wine experiences in Australia.
Ai Group releases 2017 CEO Business Outlook Survey
Australian CEOs are cautiously optimistic about their business prospects in 2017 according to the latest Ai Group CEO Business Outlook Survey released this week. The survey is based on responses from 285 businesses around Australia covering all major non-primary private-sector industries.
IMF: World Economic Outlook Update 2017
The IMF's latest WEO Update predicts international economic activity will pick up pace in 2017 and 2018. Since its last edition in October the outlook for advanced economies in particular has improved, reflecting somewhat stronger activity in the second half of 2016 as well as a projected fiscal stimulus in the US.
Did You Know?
When China took over Australia's top trading partner spot from Japan in 2006-07, two-way trade was worth $55 billion. In 2015-16, it was worth $150 billion. Detailed trade data can be found in DFAT's pivot tables.
Upcoming Trade Events
North Asia Free Trade Agreements Information Seminars
Maryborough, QLD, 23 January | Toowoomba, QLD, 24 January | Hobart, TAS, 3 February 2017
Find out how you can take advantage of Australia's FTAs with China, Japan and Korea at these interactive seminars and including keynote speeches from Assistant Minister for Trade Keith Pitt (in Queensland). Officials from DFAT, Austrade and other relevant government agencies conduct the seminars.
Austmine Peru Mining Mission
27 February – 3 March 2017
Australia's peak industry body for the mining equipment, technology and services sector will commence its International Mining Missions for 2017 with Peru. Austmine says Peru has established itself as a mining force to be reckoned with in recent years with opportunities for Australian METS companies.
Tourism Australia: Trade Events 2017
Tourism Australia coordinates and participates in a number of international trade shows and events each year to promote Australia as a premier travel destination. Sellers and operators in the Australian tourism industry can apply to attend and participate in these events. The Destination Australia 2017 Conference which will focus on attracting greater numbers of high-yielding international visitors will take place in Sydney on Thursday March 16, 2017.
SA: Business Missions 2017 Calendar
Business SA's 2017 business mission calendar is now available with dates for inbound and outbound trade and investment activity. The missions offer business-to-business matching sessions facilitated by Austrade and the South Australian Government, as well as the opportunity to meet local distributors, importers and potential investment partners.