Trade Talk 20 June 2014

Trade TalkAustralian Government, Australia Unlimited

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

WTO's Bali deal on Trade Facilitation tabled in Parliament

Trade and Investment Minister Robb tabled the WTO Agreement on Trade Facilitation in Parliament on Wednesday. It was agreed as part of the Bali package in December 2013 and is predicted to reduce the costs of trading goods by 10% for OECD countries and by as much as 14% for low income countries.

TIM media release:  Tabling of WTO Agreement on Trade Facilitation

Australia sets a new target for aid for trade

Australia’s aid for trade will increase to 20% of the aid budget by 2020 as part of our new aid program announced by Julie Bishop.  Estimated at 12.5% of Australia’s aid expenditure in 2013-14, aid for trade addresses developing countries’ internal constraints to trade to boost economic growth and create jobs.

DFAT YouTube:  Message from the Minister

Tourism: international visitor expenditure to increase to $33 billion

Tourism Research Australia forecasts strong growth for international visitor arrivals and spend in 2014-15, with visitor spend expected to increase 6.0% to $33 billion, the strongest increase in recent years. 

TRA publication: Tourism Forecasts, Autumn 2014

Farm export earnings forecast to ease following bumper year

According to ABARES 2013-14 farm export earnings hit an estimated high of $41 billion, with 2014-15 forecast to ease somewhat. Both farm production and export earnings are expected to remain above the ten year average at $38.5 billion in 2014-15.

ABARES media release: Farm export earnings forecast to ease following bumper year

International Trade Centre (ITC) celebrates 50 years

The ITC, a joint agency of the WTO and the UN, has helped developing-country exporters since its founding 50 years ago. Total global exports at that time stood at US$176 billion per annum compared to more than US$18 trillion today. The ITC is a key partner in the WTO’s Aid for Trade initiative.

WTO speech: Azevêdo congratulates International Trade Centre on 50th anniversary

Papua New Guinea's currency pegged to greenback

PNG’s Central Bank has pegged its currency, the Kina, to the US dollar in an effort to halt the decline in its value.  The ABC reports that the move may impact companies operating in PNG. The PNG economy is forecast to hit a record 21% growth rate in 2015 on the back of the large LNG project.

ABC News: PNG Central Bank moves to stabilise the kina with foreign currency trading bands

The WTO wants your opinion – how does trade impact on your life?

The WTO wants to know how trade impacts your daily life. Participate in the survey and share your thoughts on how international trade affects you day-to-day. The WTO will share results in November.

WTO News: Tell us how trade impacts your daily lives

Soccernomics: the true cost of the World Cup

Former Austrade Chief Economist Tim Harcourt explores the economic benefits for Brazil as hosts of the 2014 FIFA World Cup. Harcourt also examines the impact of the World Cup on Australia-Brazil trade ties, noting that Australians were the second largest foreign buyers of World Cup tickets, behind the US.

ABC News: Soccernomics: the true cost of the World Cup

Did you know?

Total trade between FIFA World Cup competitors Australia and Chile was worth over $1.3 billion in 2013, more than enough to buy every ticket to the World Cup final in Rio De Janeiro 24 times over!

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

Last Updated: 20 June 2014