Trade Talk 10 May 2019

31st ASEAN-Australian Forum, Putrajaya, 2-3 May 2019

DFAT Deputy Secretary Richard Maude represented Australia at the 31st ASEAN-Australia Forum, our annual engagement with ASEAN at the Senior Official level. The Forum agreed to work towards an ambitious and targeted ASEAN-Australia Plan of Action for 2020-2024, and reaffirmed Australia and ASEAN’s commitment to free and open markets governed by a rules-based multilateral trading system.

Co-Chairs’ Summary

The Indo-Pacific: Australia’s Perspective

Speaking at the Australian High Commission in Kuala Lumpur on 29 April, DFAT Secretary Frances Adamson highlighted the importance of a peaceful, stable and prosperous Indo-Pacific region with ASEAN at its core. The Secretary said a high-quality Regional Comprehensive Economic Partnership trade agreement would be an important stepping stone in regional economic integration.

Speech

Austrade: innovation and skills power Australian prosperity

According to Austrade’s ‘Why Australia’ Benchmark Report 2019, Australia is out‑performing peer economies in critical measures of competitiveness. The report highlights Australia’s world-class scientific and academic institutions, strong commitment to research and development, and the resourcefulness of Australia’s workforce.

Benchmark Report 2019

International trade in goods and services, March

The Australian Bureau of Statistics announced Australia recorded a trade surplus of $4.9 billion in seasonally adjusted terms in March 2019, a decrease on the $5.14 billion surplus in February. Exports of goods and services fell by 2 per cent to $39.3 billion.

ABS

Australian wine exports continue to grow in value

According to data from Wine Australia, the total value of Australian wine exports has increased by 5 per cent to $2.78 billion, with the average value per litre climbing by 9 per cent to $3.41, the highest level since 2009. Wine Australia Chief Executive Officer Andreas Clarke said the continued growth in the value of wine exports was an extremely positive trend for the sector.

Wine Australia

iSAY 2019 student essay competition

Launch of DFAT’s iSAY essay competition on trade

DFAT’s new essay competition seeks to highlights the benefits of international trade, in an essay topic for senior high school students, and emphasise the importance of Australia’s trade with ASEAN during the Australia now ASEAN year, in a topic for university undergraduates at both Australian and ASEAN universities. See the DFAT website for further details. Entries close Friday 28 June.

iSAY Competition

Consumer groups express support for multilateral trade

On 6 May 2019, the WTO held its first-ever trade dialogue exclusively for consumer groups, to ensure consumer concerns are reflected in international trade negotiations and in policy setting. Consumer groups sent a strong message of support for the multilateral trading system and discussed e-commerce priorities, including ongoing discussions within the WTO.

WTO

PIIE: five things to look for in any Trump-China deal on subsidies

This blog by Chad Brown of the Peterson Institute for International Economics suggests some possible outcomes of the China – United States negotiations on trade, and highlights issues that may need to be clarified to avoid ongoing concerns in the future.

PIIE

Did you know?

According to Consumers International, there will be more than 2 billion consumers online by 2021.

Upcoming events

Wine Australia China Roadshow

Various locations, China, 21-29 May 2019

Wine Australia’s annual China Roadshow is the largest travelling Australian wine tasting in China and will visit one tier-one city (Shenzen) and three tier-two cities (Tianjin, Hangzhou and Kunming), engaging wine buyers in a mini trade-fair, master classes and a new-to-market program.

More Information

Managing the next global economic crisis: new thinking in macroeconomics

Sydney, NSW, 22 May 2019

The Lowy Institute will host a forum to discuss the 2008 global financial crisis, and what policy reactions to the crisis could mean for the management of future economic crises, including the latest thinking on the future of the global economy, and where policymaking is headed.

Register

Australia-Africa Week

Perth, WA, 1-7 September 2019

The annual Australia-Africa Week brings together a range of activities and events to promote and advance Australia-Africa relations including the Africa Down Under (ADU) conference.  Early bird registrations for ADU close on Friday 31 May. More information about Australia-Africa Week events can be found here: https://www.australiaafricaweek.com/.

Register

Last Updated: 10 May 2019