Trade Talk 21 August 2014

Trade TalkAustralian Government, Australia Unlimited

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

Ministers launch Australia's Economic Diplomacy Agenda

Ministers Bishop and Robb launched Australia’s Economic Diplomacy Agenda this week. Economic diplomacy will help boost both Australia’s and global prosperity. “Better outcomes from our economic engagement with the world result in stronger economic growth, more jobs and greater prosperity” said Mr Robb.

Trade and Investment Minister to deepen collaboration with Singapore

Andrew Robb will meet his counterpart in Singapore this week at the Singapore-Australia Joint Ministerial Committee meeting. Mr Robb’s program also includes a series of events promoting Australian investment opportunities. Singapore is Australia’s 5th largest trading partner.

TIM Media Release: Robb to deepen collaboration with Singapore

Advancing Australia and Malaysia's shared trade and investment interests

Trade and Investment Minister Robb co-chaired talks with his Malaysian counterpart, Mustapa Mohamed, to advance shared trade and investment interests last week. The Ministers discussed the Malaysia-Australia Free Trade Agreement, among other topics. Trade with Malaysia has grown 14.7% since 2010.

TIM Media Release: Australia-Malaysia Trade Ministers’ Meeting

Increasing trade through regulatory cooperation in APEC

APEC officials met this week to discuss how to reduce unnecessary regulatory impediments to open and dynamic trade.  “International regulatory cooperation, if driven and supported by business, can lower barriers to trade and investment”, said Rory McLeod, Chair of the APEC Economic Committee.

APEC News: Reducing regulatory divergence stimulates open and dynamic trade

APEC moving forward on trade facilitation as global pact stalls

APEC’s work on trade facilitation continues, despite the challenge faced by the WTO in implementing the Agreement on Trade Facilitation. “The setback to the agreement is disappointing but APEC’s work on trade facilitation goes on” said DFAT’s John Larkin, Chair of the APEC Committee on Trade and Investment.

APEC News: APEC moving forward on trade facilitation as global pact stalls

Building Silk Roads for the 21st century

China’s emergence as the ‘factory of the world’ has been supported by its strong investment in infrastructure. Between 1992 and 2011 China spent over double the developing country average of its GDP on infrastructure. China’s investments have helped to link the economy to Europe and the rest of the world.

East Asia Forum: Building Silk Roads for the 21st century

Are we measuring international trade correctly?

In conventional trade statistics, exports are counted in gross terms. According to the Lowy Institute, the total value of an iPad exported from China is counted in China’s export figures but only $10 of total production costs is incurred in China. Using ‘value-added’ statistics provide a valuable alternative perspective.

Lowy Interpreter: Are we measuring international trade correctly?

Pursuing Australia's economic diplomacy agenda

Australia’s economic diplomacy (ED) agenda will involve a greater role for the private sector in formulating and facilitating the Government’s approach to trade and investment. Australia joins countries such as Canada and the UK in implementing an ED agenda.

Lowy Interpreter: Australia's economic diplomacy: Enlightened self-interest?

Did you know?

Australia’s services imports from Singapore have more than doubled from over the past 13 years, increasing from $2b to nearly $5b!

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

Last Updated: 21 August 2014