Trade Talk brings you a selection of the latest trade news from Australia and the world.
Trade Talk is on break for the holiday season, returning January 15. From all here at the Trade Talk team, Merry Christmas and a safe and prosperous New Year.
18 December 2014
Minister confirms January start-date for Japan trade deal
The landmark Japan-Australia Economic Partnership Agreement (JAEPA) will enter into force on January 15, paving the way for Australian business to benefit from two rounds of tariff cuts in the first half of next year. JAEPA will expand opportunities with our second-largest trading partner across a wide range of industries.
TIM Media Release: Robb confirms January start-date for Japan trade deal
DFAT website: Japan-Australia Economic Partnership Agreement
Tourism consumption by international visitors tops $27 billion
International visitors consumed over $27 billion worth of goods and services in Australia in 2013-14, up 4.1% on the previous year and accounting for 24% of total tourism GDP. The tourism industry employed 534,000 people in 2013-14 (4.6% of total employment), servicing both domestic and international visitors.
ABS Media Release: Australian National Accounts: Tourism Satellite Account, 2013-14
Washington TPP Meetings
TPP Chief Negotiators and officials held meetings in Washington DC last week to progress negotiations. Work was advanced on state-owned enterprises, the environment, rules of origin, textiles, market access and legal issues.
DFAT Website: Trans-Pacific Partnership
Lots to 'like' – Australia the most popular national tourism Instagram page in world
Tourism Australia (TA) is celebrating more than one million followers on its @Australia Instagram account, the most popular national tourism Instagram page in the world. “This is great for Australian tourism and particularly for those operators who are embracing social media” said TA Director John O’Sullivan.
Tourism Australia Media Release: Lots to ‘like’ about @Australia’s Instagram account
Korea FTA unlocks opportunities for Small and Medium Enterprises (SMEs)
SMEs are encouraged to explore new opportunities made possible by the Korea-Australia Free Trade Agreement, which entered into force last week. For example, “tariff outcomes for small to medium agricultural enterprises are substantial, including cuts to dairy, sugar and wine”, said Minister Robb.
TIM Media Release: Korea FTA unlocks opportunities for small business
DFAT website: Guide to using KAFTA to export and import goods
Expanded IT Agreement could reduce tariffs on US$1 trillion of trade each year
WTO DG Azevêdo said participants are working towards expanding the International Technology Agreement (ITA). “Participants have significantly reduced the gaps on expanding coverage of the ITA in recent days” said Mr Azevêdo. The expanded ITA could cut tariffs on up to US$ 1 trillion of trade each year.
WTO News: DG Azevêdo urges members to remain actively engaged on ITA
Asia's growth benefits Pacific Island nations
The Asian Development Bank estimates that nearly 40% of global output will come from Asia by 2030 and that Pacific island nations can take advantage of this. According to the ADB opportunities for the Pacific lie in traditional Pacific exports like tourism, pearls, cosmetics and handicrafts.
ADB Infographic: Asian Economic Growth, Pacific Opportunities
Top 10 global hometowns of foreign students in the United States
The US is the most popular destination for international students in the world, with education a major US service export. But which global cities do these students come from? The Brookings Institution has compiled the list of the top 10 hometowns of America’s foreign students with interesting results.
Brookings Institution Blog: Top 10 Global Hometowns of America's Foreign Students
Did you know?
Australia is the world's 4th-most popular destination for international tertiary students. According to UNESCO, in 2012 Australia welcomed 6% of all such students. The US was the most popular destination (18% of all international tertiary students) followed by the UK (11%) and France (7%).
Trade articles sourced from non-Australian Government sources do not necessarily reflect the views of the Australian Government.