Minister for Trade and Competitiveness to visit India
Dr Craig Emerson is set to visit India on 28-29 January, where he will give a keynote address on Australia in the Asian Century at India’s principal international trade conference. Dr Emerson’s Joint Ministerial Commission with his Indian counterpart will provide an opportunity for a review on bilateral economic relations, including FTA/Comprehensive Economic Cooperation Agreement (CECA) negotiations and the work of the Australia-India CEO forum, as well as a forum for discussions of co-operation between Australia and India in the G20 and the East Asia Summit.
New wine-tourism partnership announced
A new three-year memorandum of understanding between Wine Australia and Tourism Australia came into effect on 1 January 2013. According to Wine Australia, the two Australian Government agencies have partnered to ‘promote wine and tourism in key international markets such as China, the United States, United Kingdom, and Canada as well as Australia’. These two important Australian industries are worth around $140 billion annually.
World Economic Forum kicks off
The annual World Economic Forum (WEF) meeting has commenced in Davos, Switzerland. The event runs from January 23 to 27 and is attended by over 2,500 business leaders, entrepreneurs, philanthropists and heads of state or government. Minister for Trade and Competitiveness, Dr Craig Emerson, and Foreign Minister, Bob Carr, are both representing Australia at the WEF. Dr Emerson is set to speak at Forum sessions entitled "Preventing Protectionism" and "Enabling Trade", where he will stress the importance of trade liberalisation and structural reform to sustainable economic growth.
Shifting US trade patterns
A new article by The Economist has examined changing trade patterns in the United States. Figures show that the airborne share of trade is declining as the efficiency of seaborne trade grows, with up to 90 per cent of trade now transported by ship. The composition of US trade also highlights shifts in consumption and production trends. For instance, more meat is being exported to Asia in line with the rising disposable incomes of Asian consumers, while less oil is being imported as US domestic production increases.
UK becomes Germany's biggest trading partner
The United Kingdom has overtaken France to become Germany’s largest trading partner for the first time in the modern era. According to The Telegraph analysis based on Bundesbank data, ‘Anglo-German trade in goods and services soared to €153bn in the first nine months of 2012, with both exports and imports booming at double-digit rates’. Merchandise trade between the two economies is largely concentrated in petroleum, motor vehicles and medicaments.
Did you know?
Australia is the world’s largest exporter of dried shelled chickpeas — over $384 million worth was exported in 2011-12. That’s more than 650 million kilograms of chickpeas! Learn more with DFAT’s fact sheets.