Inaugural meeting of the Australia-UK Trade Working Group
Minister for Trade, Tourism and Investment Steven Ciobo and the UK's International Trade Minister Lord Price met in Canberra yesterday for the inaugural meeting of the Australia-UK Trade Working Group. The Ministers discussed priorities for the Trade Working Group and parameters of a future ambitious Australia-UK free trade agreement once the UK leaves the EU. Both Ministers reaffirmed their commitment to growing the already strong trading links of goods and services worth $23.2b.
TTIM: Joint Statement Media Release
Australia resolute on value of TPP
The Trans-Pacific Partnership is of benefit to all 12 signatories and Australia will press on with domestic processes around ratification, Minister for Trade, Investment and Tourism Steven Ciobo told BBC Radio 4. Mr Ciobo said the TPP was “good for exporters because it harmonises the rules, it facilitates trade across all of the 12 member states in a way that means that there's less red tape and fewer barriers to trade”.
TTIM: BBC Radio Transcript
Joint Standing Committee on Treaties’ TPP report
The JSCOT report of its inquiry into the TPP was tabled in Parliament on 30 November 2016. The JSCOT report included a number of recommendations, including that Australia take binding treaty action to ratify the TPP.
JSCOT: Full Report
2016 Export Awards
Online innovator Envato took out this year’s Australian Export Awards’ top prize at a ceremony co‑presented by Austrade, the Australian Chamber of Commerce and Industry and CPA Australia. Now in its 54th year, the awards showcase the talent of Australian exporters from around the country with the winner chosen from 12 national category winners. Last year, the 81 export award finalists employed nearly 35,000 people and generated $12.3b in export earnings.
TTIM: Media Release
Promoting Australia-China agricultural cooperation and opportunities
Deputy Prime Minister and Minister for Agriculture and Water Resources Barnaby Joyce announced a series of programs highlighting agricultural opportunities between China and Australia and espousing the benefits of the China-Australia Free Trade Agreement. A special episode of Landline on February 5 next year will showcase first‑hand experiences of Australian exporters and Chinese consumers, importers and businesses.
Dept Agriculture: Media Release
OECD: Use of fiscal initiatives to escape low-growth trap
Expansionary fiscal initiatives and maintaining trade openness are needed to push the global economy out of today’s low-growth trap, according to the OECD’s latest Global Economic Outlook. Global growth is projected to increase to 3.3% in 2017 and 3.6% in 2018 however “an increase in protectionism could risk impairing already weak growth in global trade,” OECD Secretary-General Angel Gurría said.
OECD: Full Article
OECD: Global Economic Outlook
WTO: Gains of trade must be better shared
WTO Director-General Azevêdo emphasised in a speech to the OECD’s Global Strategy Group this week, the need in these challenging times to ensure the benefits of trade reached further and wider through new trade reforms. The conclusion of a number of very significant deals since 2013 – including the Trade Facilitation Agreement which will cut trade costs and red tape to boost global exports by up to $1 trillion per annum – are spurring on WTO members to deliver more.
Australian LNG exports at record monthly high
The value of Australia’s LNG exports recorded its best performance in 22 months in October according to independent energy analyst EnergyQuest. At an estimated $1.75b, the latest result was buoyed by increased cargo going to long-term buyers in China, Japan and Korea, and surpassed the previous monthly record of $1.72b set in January 2015.
Resources Review: Full Article
The effect of consumer sentiment on consumption
This RBA research discussion paper seeks to identify whether changes in consumer sentiment have a direct effect on consumption. The report’s analysis implies a causal effect can run from sentiment to consumption based on post-election spending as a control factor.
RBA: Full Report
The business of economic diplomacy in our region
Department of Prime Minister and Cabinet Secretary Martin Parkinson underlined the contribution US economic diplomacy had made to the growth, security and stability in our region in a speech to the American Chamber of Commerce in Australia last week. Risks to living standards must be countered by the US and others by stepping up and doing more to advocate for the promotion of open markets, the importance of foreign investment and trade.
The truth about trade agreements and why we need them
This opinion piece from the US think-tank the Peterson Institute for International Economics provides a US perspective on the importance of open trade. Among other points it highlights that, “US trade agreements are mainly important because everyone – even Americans – are foreigners somewhere. For US companies and their workers in the 21st century economy, 95% of the world's potential customers continue to live outside of our borders”.
PIIE: Full Article
Did You Know?
Aussie eyes should be well protected this long hot summer with over 18 million pairs of sunglasses imported into Australia last financial year, worth $175 million.
Upcoming Trade Events
Seminar: Business Opportunities in Malaysia
Sydney, NSW, 5 December 2016
This seminar will focus on business opportunities in Malaysia for Australian businesses, including how Malaysia can be utilised as a strategic hub for operations in its region. Minister of International Trade and Industry of Malaysia, Mustapa Mohamed, will deliver the keynote address and host a networking lunch.
DFAT: Malaysia (including Malaysia-Australia FTA)
Australia-Chile Economic Leadership Forum
Melbourne, VIC, 5-6 December 2016
The 2016 Forum will identify opportunities to expand our economic relationships in infrastructure, education, and mining and as trade platforms. Join Ministers, private and public sector leaders and industry experts from Australia and Chile for a dynamic exchange to explore ways to access new markets and identify fresh opportunities for collaboration in global value chains.
North Asia FTA Information Seminar
Shepparton, VIC, 7 December 2016
If you’re a current or prospective exporter don’t miss this free, interactive session which explains the practical benefits your business could realise from Australia’s historic FTAs with three of our largest export markets – China, Japan and Korea. Visit Austrade’s website for registration to hear from Assistant Minister Keith Pitt and other speakers.
Speed Networking Night – Expand your business operations to the US
Sydney, NSW, 7 December 2016
This event, co-hosted by the ECA and the US Consulate Sydney, will provide relevant information and advice for prospective and new exporters who are looking to expand business operations to the United States. A range of US government agencies and suppliers will be present at the event.
Introduction to exporting workshop
Nowra, NSW, 14 December 2016
This free introduction to exporting workshop will provide valuable information on how businesses can build their export capabilities and assess their own export-readiness. The workshop is tailored to businesses looking to develop a growth plan to extend beyond the domestic market, aspiring exporters as well as new exporters and existing exporters who want a refresher.