Trade Talk brings you a selection of the latest trade news from Australia and the world.
Australia's Mining Boom and its effects on the economy and trade
A new RBA publication has found the mining boom has significantly increased Australian living standards. The boom raised disposable income by 13% and lowered unemployment by 1.25%. However, there have also been costs including an increase in the Australian dollar adversely affecting some other industries.
Reserve Bank of Australia: The Effect of the Mining Boom on the Australian Economy
China's urbanisation creates new export opportunities for Australia
China's continued urbanisation is expected to create significant opportunities for Australian exports. A new Chinese urbanisation plan aims to lift the proportion of people living in cities to 60% by 2020, up from 54% today. A number of exports are expected to benefit, including construction and waste management.
Advancing Australia's trade in Burma
Minister Robb is visiting Burma to advance Australia’s economic interests. During the trip Mr Robb will meet with ASEAN trade ministers as well as his Burmese counterparts. “These meetings provide an opportunity to progress Australia’s trade agenda, including the RCEP negotiations” said Mr Robb.
TIM Media Release: Robb visit to Burma
AANZFTA amendment will reduce costs and make doing business easier
Minister Robb joined ministers from ASEAN Member States and New Zealand in signing a protocol to improve the efficiency of the ASEAN-Australia-New Zealand Free Trade Area (AANZFTA). The Protocol amends certain provisions of the agreement to reduce red tape and facilitate greater business utilisation.
TIM Media Release: Signature of AANZFTA Protocol
Tourism Australia appoints first agents to lead new China tourism strategy
Tourism Australia has selected 31 specialist travel agents to spearhead a new distribution network to sell high quality Australian holiday packages to China's rapidly growing middle class. Tourism Australia forecasts show annual spending by visitors from China to Australia could rise from $5b to $13b by 2020.
APEC Senior Officials meet in Beijing
Senior officials from APEC met in Beijing last week to finalise ambitious measures to accelerate growth across the Asia-Pacific. In his opening remarks, China State Councillor Yang Jiechi said “Our economies are pushing for greater economic integration with a view to building an integrated Asia-Pacific market”.
APEC opening environmental goods market
APEC economies are working to realise their commitment to boost free trade in environmental goods. “APEC’s voluntary commitment is setting a global precedent and is encouraging [global] innovation in environmental technologies” said UN trade policy export, John Maughan.
APEC News: APEC opening environmental goods market
WTO rules on China rare earth export restrictions
The WTO ruled last Thursday that China's export restrictions on various rare earths are largely inconsistent with international trade rules. The US was the complainant in the case while Australia was a 3rd party. China is the world's leading producer of rare earths, primarily used for manufacturing high-tech products.
World Economic Forum: Competitiveness of Global Cities
Today, more than half of the world's population lives in urban areas, and this number is rising. While some cities are successful in attracting investment, skills and ensuring prosperity, others struggle. This report aims to deepen the understanding of the factors underpinning the competitiveness of global cities.
Did you know?
Over the past decade investment spending by the mining sector increased from 2% to 8% of Australia's GDP.
Trade articles sourced from non-Australian Government sources do not necessarily reflect the views of the Australian Government.
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