Trade Talk, 14 July 2016

G20 trade ministers agree on trade growth strategy

Trade ministers from the G20 met in Shanghai over the weekend 9-10 July. The joint statement following the meeting included an agreed trade growth strategy and a set of principles for investment. The ministers also discussed the issue of overcapacity in the global steel market and the current negotiations for an Environmental Goods agreement. A major focus of the meeting was on how to counter protectionist sentiment in many countries. ]

G20: Meeting Statement
Reuters: Full Article

New OECD report shows global job market recovering

The OECD released its Employment Outlook 2016 last week in Paris. The report shows employment levels should return to pre-Global Financial Crisis levels in 2017 as labour markets continue to recover. OECD Secretary General Angel Gurría said that while the improvements are promising, "comprehensive and ambitious policy action is needed to kick start labour productivity growth, raise wages, and reduce rising job market inequalities."

OECD: Full Article

Chinese interest in Australian health chains

Following the sale of Australian supplement company Swisse to Hong Kong vitamin firm Biostime in 2015 for $1.7b, other Chinese companies are looking to take advantage of the opportunities the China-Australia FTA presents. With consumer demand for Australian health products in China increasing, Chinese businesses are looking to strengthen links with Australian pharmaceutical, health and pharmacy chains.

ABC News: Full Article

Labelling choice for exporters

The Government's new food labelling laws came into effect on 1 July. Australian food products intended for sale in Australia are now required to carry a country of origin statement, the Australian Made, Australian Grown logo, as well as information on Australian ingredients used in the product. Exporters, however, have a choice as to whether to use the new labelling. Companies may adopt the new labelling system, or continue to use the AMAG logo provided it is under licence from the Australian Made Campaign.

Dynamic Export: Full Article
ACCC: Country of Origin Food Labelling

Thailand strengthens trade and investment ties with new consulate

Thailand has opened a full consulate office in Brisbane. The Thailand-Australia Free Trade Agreement was signed in 2005 and Australia's trade with Thailand has almost doubled since TAFTA's implementation, making Thailand Australia's eighth-largest two-way trading partner and second-largest in ASEAN. The Ambassador of Thailand, Mr Punkrasin, gave a speech at the event highlighting the role of the consulate office in promoting the relationship between Thailand and Queensland.

The Royal Thai Embassy: Activities

Trade tech of the future explained

Blockchain, the technology behind digital currency bitcoin, is gaining popularity with companies worldwide. The software technology enables the transfer of value or data via the internet. According to Philippa Ryan of the University of Technology Sydney, blockchain is mostly used to make payments using virtual currencies such as bitcoin. However, as its popularity grows, blockchain will be used for a host of different international financial transactions including contracts, auctions, music distribution, betting and information storage.

The Conversation: Full Article

Myanmar potential new market for exporters

Austrade reports increasing demand for premium food, an influx of western restaurants and the rapid expansion of the tourism industry in Myanmar are creating opportunities for Australia's food and beverage exporters. Since the country's political and economic transformation, dining options have diversified for locals, expatriates and tourists. Demand for new suppliers of premium food from across the world has grown as a result.

Austrade: Full Article

Did you know?

The total number of Australian exporters of goods and/or services in 2014-15 was 51,228, an increase of 4,160 (9%) from 2013-14. The number of goods exporters increased by 3,947 (9%) and the number of services exporters increased by 260 (8%).

Upcoming Trade Events

Know-How for Inbound Tourism Excellence program

Melbourne, 21 July I Sydney, 28 July 2016

This program by the Australian Tourism Export Council helps businesses connect with the $36.6b international tourism market. The Know-How for Inbound Tourism Excellence or KITE program prepares tourism businesses for international readiness, providing market specific insights and specialist topic webinars. Visit the registration page to search for further dates and locations.
ATEC: Full Article

Speed Networking for International Business

Wollongong, 22 July | Newcastle, 28 July 2016
The NSW Government and the Export Council of Australia invite you to attend the free Speed Networking for International Business program which covers important topics that matter to all international traders. Industry experts discuss topics including managing international freight risks, protecting your intellectual property rights, finance for success and FTAs.

Last Updated: 14 July 2016