Trade Talk 15 May 2014

Trade TalkAustralian Government, Australia Unlimited

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

Australia and China hold 20th round of FTA negotiations

Australia and China held their 20th round of negotiations towards a Free Trade Agreement (FTA) in Canberra on 5-8 May. The round saw comprehensive discussions across all issues of the FTA, with both sides narrowing differences and working constructively towards our leaders' shared goal for conclusion.

DFAT: Australia and China hold 20th round of FTA negotiations

TPP chief negotiators' meeting, Ho Chi Minh City

Chief negotiators of the 12 Trans-Pacific Partnership (TPP) Agreement countries are meeting from 12-15 May 2014, in Ho Chi Minh City, Vietnam, to progress negotiations to conclude the Agreement.

DFAT: TPP Chief Negotiators' Meeting, Ho Chi Minh City, Vietnam 12-15 May 2014

Korea-Australia Free Trade Agreement (KAFTA) tabled in Parliament

Trade and Investment Minister Andrew Robb tabled the KAFTA text in Parliament on 13 May. KAFTA is now being considered by the Joint Standing Committee on Treaties and the Senate Foreign Affairs, Defence and Trade References Committee. Both committees welcome public submissions.

DFAT: Tabling of the Korea-Australia Free Trade Agreement in the Australian Parliament

Andrew Robb Speech: Tabling of the Korea-Australia Free Trade Agreement – 13 May

Trade ministers in Paris urge quick implementation of Bali Deal

Australia hosted a trade ministers' meeting in the margins of an OECD meeting in Paris last week. Ministers encouraged quick implementation of the WTO's Bali trade facilitation deal and discussed the forward work program for WTO negotiations, which Minister Robb said should be "do-able and provide clear solutions".

ICTSD: Trade Ministers in Paris Urge Quick Implementation of Bali Deal

Australia to provide $20m in economic infrastructure for Samoa

Parliamentary Secretary Brett Mason has announced a $20 million infrastructure program for Samoa. "An open, export-orientated economy gives developing countries the best chance of increasing living standards. The productive sectors of the economy need better infrastructure to grow", said Mr Mason.

Parl Sec Media Release: Economic infrastructure for Samoa

Chinese visitor spending to hit $13b by 2020

Annual spending by Chinese visitors to Australia could rise to $13 billion by 2020 according to new data from Tourism Australia. This is a 50% increase on the previous estimate of $9 billion and is attributed to the "rise of a new breed of young and independent Chinese traveller placing Australia at the top of their list".

Tourism Australia: Chinese visitor spending projected to hit A$13 billion by 2020

Expanding services trade offers major opportunities for growth and jobs

Services generate more than two-thirds of global GDP and are the top source of employment in most major economies, yet their share of global trade is far below their share of the wider economy. "Much more can be done to reduce the barriers to international services trade", according to OECD research.

OECD Report: Expanding services trade offers major opportunities for growth and jobs, OECD says

OECD Services Trade Restrictive Index: Services Trade Restrictiveness Index

YouTube: Andrew Robb at the launch of the OECD Services Trade Restrictiveness Index

Did you know?

Short-term resident departures from Australia outnumbered short-term visitor arrivals to Australia by more than 2.4 million movements in 2013! The top destination countries for departing Australians were New Zealand (13.4%), Indonesia (10.8%) and the US (10.8%).

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

Last Updated: 15 May 2014