Trade Talk 10 April 2014

Trade TalkAustralian Government, Australia Unlimited

Trade Talk brings you a selection of the latest trade news from Australia and the world.

Historic trade agreement concluded with Japan

The economic partnership agreement with Japan has broken new ground. Australia is the first major agricultural exporting economy to conclude such a liberalising agreement with Japan. The agreement is good for Australian farmers, agricultural producers, resource exporters, service providers and consumers.

Joint PM & TIM Media Release:  Historic Free Trade Agreement concluded with Japan

Korea FTA to add $650 million annually to the Australian economy

Minister for Trade Andrew Robb and his Korean counterpart signed the Korea-Australia Free Trade Agreement (KAFTA) in Seoul on Tuesday. Modelling shows KAFTA will create thousands of jobs between 2015 and 2030 and will add $650 million annually to the Australian economy once in full force.

TIM Media Release:  Korea-Australia FTA signed in Seoul

Overview of the Agreement: KAFTA – a snapshot

Largest ever Australian trade mission arrives in China

Minister Robb is leading Australia’s largest ever trade mission to China this week. Over 700 businesspeople from a range of industries will participate in a series of events across five cities. The mission coincides with Australia Week in China and aims to enhance engagement in trade, investment, education and tourism.

TIM Media Release:  Australia’s Largest Ever Trade Mission Arrives in China

Record February tourist arrivals

Short-term visitors to Australia in February reached a record for that month, while there was an annual gain of 6.8% for the 12 months to February. Australian Bureau of Statistics figures show that the rise in annual arrivals was driven by a 15% rise in Chinese tourists over the same period to a record high 740,000.

ABS Report:  Overseas Arrivals and Departures, Australia, Feb 2014

APEC economic recovery

The APEC Economic Trends Analysis report released this month shows economic recovery is gaining traction in the Asia-Pacific region but growth, employment and living standards could be improved through higher production efficiency.  The 21 APEC economies account for about half of global trade.

APEC News:  APEC Economic Recovery Gaining Traction

APEC Report: Economic Trends Analysis

World economic growth to improve in 2014 and 2015

The IMF World Economic Outlook forecasts global growth to average 3.6% in 2014 (up from 3% in 2013) and 3.9% in 2015. “The recovery which was taking hold in October is becoming stronger and broader” said IMF Chief Economist Oliver Blanchard. Australian GDP is forecast to grow by 2.6% in 2014 and 2.7% in 2015.

IMF Media Release:  Recovery Strengthening, but Requires Stronger Policy Effort

IMF Report: World Economic Outlook (WEO)

Did you know?

Australians were snap happy in 2013, importing over $63 million worth of cameras and camera lenses from our second largest trading partner, Japan.

Trade articles sourced from non-Australian Government sources do not necessarily reflect the views of the Australian Government.

Last Updated: 10 April 2014