11 July 2013
Trade in services agreement – public consultations in Sydney and Melbourne
Australia is participating in negotiations in Geneva on a plurilateral Trade in Services Agreement (TISA). Public consultations will be held at the DFAT offices in Sydney on 16 July from 10am-12pm and in Melbourne on 19 July from 10.30am-12pm. Stakeholders interested in the TISA negotiations are invited to participate.
$36 Million to support business in the Asian century
Trade Minister Richard Marles and Innovation Minister Senator Kim Carr have launched a new National Centre for Asia Capability though Asialink to help business leaders develop deeper expertise on Asian countries and cultures.
Australia and Indonesia forge closer agricultural ties
Prime Minister Kevin Rudd and Indonesian President Susilo Bambang Yudhoyono announced a number of measures to boost agricultural ties between the two countries. The measures include the establishment of a Red Meat and Cattle Forum as well as a funding package to encourage Australian agricultural investment in Indonesia.
Australia and the Fourth Global Review of Aid for Trade: Trade Facilitation
Australia’s Ambassador to the WTO and the WTO Director-General issued a statement on behalf of 27 WTO members on trade facilitation at the opening of the Fourth Global Review of Aid for Trade on 8 July. It highlighted the importance of trade facilitation reforms to developing country participation in global value chains, and the high levels of assistance available for trade facilitation reforms. WTO members are working to finalise a trade facilitation agreement by the Ninth Ministerial Conference in December as part of the Doha Round of negotiations.
Aid for Trade: Joint OECD/WTO report
According to a joint report from the OECD and the WTO, the Aid for Trade program is helping developing countries reduce trade costs, improve competitiveness and plug into global value chains. The report shows that every $1 in Aid for Trade funding increases exports in the poorest developing countries by as much as $20.
Media Release/Report: Emergence of global value chains strengthens Aid for Trade Initiative
Australia ranked sixth in FDI confidence index
Australia has ranked 6th in the 2013 AT Kearney Foreign Direct Investment Confidence Index (FDICI), with a top five including the US (1), China(2) and India(5). The FDICI measures corporate investor sentiment and indicates prospects for international direct investment flows. Australia has risen steadily in recent years, up from 11th place in 2007.
Media Release: Australia ranked sixth in world FDI confidence index
Divergence in growth prospects among major economies
Growth prospects in major economies appear mixed according to the OECD’s June Composite Leading Indicators (CLIs) and IMF World Economic Outlook July update. Economic growth in the US and Japan is expected to pick up in coming months while Russia and emerging economies appear set for a slowdown. The IMF forecasts world trade volumes to grow by 3.1% in 2013 (revised down 0.5 per cent points but still up from 2.5% in 2012).
Did you know?
Agricultural exports account for approximately 50% of Australia's total exports to Indonesia. Indonesia is Australia's third-largest agriculture export market, worth more than $2.6 billion in 2011-2012.