3 October 2013
Trade increases in August with exports to China hitting a record
The value of Australia’s exports grew by 3% in August while imports rose by 1%. Exports to China rose to $8.7 billion, the highest ever recorded monthly value. Overall, Australia recorded a seasonally-adjusted trade deficit of $815 million, down from the revised July figure of $1.4 billion.
Trade Minister Media Release: Exports up three per cent in August 2013
Trade, business and investment links key focus for ministerial visit to Indonesia
Trade and Investment Minister Andrew Robb is meeting ministerial counterparts and business leaders during his visit to Indonesia. The Minister will focus on enhancing trade, business, investment and deepening economic integration. The visit will include the 25th Ministers’ Meeting of the APEC forum.
Trade Minister Media Release: Visit to Indonesia
Australia nominates WIPO Director General for re-election
Australia has nominated Dr Francis Gurry for re-election as Director General of the World Intellectual Property Organization (WIPO). First elected in 2008, Dr Gurry is the most senior Australian in the United Nations System.
Joint FM & TM Media Release: Director General of the World Intellectual Property Organization
BREE: Mineral and Energy exports to grow at annual rate of 7% until 2017-18
Australian mineral and energy exports are predicted to grow at an annual rate of 7% to hit a record $293 billion by 2017-18. According to the Bureau of Resources and Energy Economics (BREE) growth in LNG and iron ore will drive mineral and energy export growth. LNG exports projected to increase 360% by 2017-18.
BREE Publication: Resources and energy quarterly - September
Australia signs Statement of Intent to boost APEC trade in financial products
Australia has joined Korea, New Zealand and Singapore in signing a Statement of Intent for the Asia Region Funds Passport. The Funds Passport provides a framework allowing cross-border issuing of funds across participating APEC economies. It will facilitate investment across the region for infrastructure projects.
APEC News Release: Boosting Regional Trade in Financial Products: Asia Region Funds Passport
WTO Director General launches first Global Seminar on WTO accessions
WTO DG Azevêdo launched the first Global Seminar on WTO Accessions for officials from the 17 governments seeking WTO membership. The event aimed to strengthen officials’ expertise in negotiating WTO entry and included a presentation by the Australian Mission in Geneva.
WTO Press Release: Director-General Azevêdo launches Global Seminar on WTO Accessions
China launches Shanghai Free Trade Zone
China has officially established the Shanghai Free Trade Zone (FTZ). The FTZ is an area outside Shanghai where a series of economic liberalisation experiments will be conducted to promote financial innovation. PIIE reports that the FTZ has the potential to promote outward and inward foreign investment.
Did you know?
Financial services to China double… Between 2000 and 2012 Australian exports of financial services to China more than doubled, increasing from $26 million to $54 million.