Unlocking the potential of Australia’s AgTech sector
The Australian Government has launched a new ‘Agriculture 4.0’ digital platform to better connect Australian AgTech and foodtech businesses with overseas investors and innovators. Minister for Trade, Tourism and Investment Simon Birmingham said the platform offered Australian innovators an opportunity to export more of our world-leading AgTech knowledge and skills, in addition to traditional food and agricultural product exports.
Business event fund delivers multi-million dollar boost
Business events secured with the help of the Australian Government’s Business Events Bid Fund are estimated to have a combined economic value of $187 million, meaning that for every dollar invested since its launch last year, the Fund has generated an additional $19 for the Australian economy. Business events are one of Australia’s most significant tourism sectors, with spending by international business events visitors climbing 16 per cent to $4.9 billion in the last 12 months.
Visitor arrivals highlights for December 2018
Australia welcomed 9.2 million international visitors in 2018, an increase of 4.9 per cent on the previous year according to the latest Australian Bureau of Statistics report released this week. During the month of December there were 1.1 million visitor arrivals, up 4.2 per cent relative to December 2017.
Parliamentary inquiry report on free trade agreements and SMEs
Following a year-long inquiry, the Joint Standing Committee on Foreign Affairs, Defence and Trade released its report, ‘From little things big things grow: Supporting Australian SMEs go global’ this week. The report makes eight recommendations to promote SME engagement in international trade, including continuing Australia’s ambitious free trade agenda.
Trade Facilitation Agreement’s 2nd year
At a meeting held a week before the second anniversary of the Trade Facilitation Agreement’s entry into force, WTO members noted that 141 members, or 86 per cent of all members, had ratified the agreement. Of these, all developed members, 60.3 per cent of developing members, and 22.8 per cent of least-developed members had ratified the agreement.
MLA: Australia’s place in the global beef trade
The Meat and Livestock Association of Australia reports that Australian produced beef amounts to just 3 per cent of global beef production, but accounts for around 17 per cent of world beef trade. MLA notes the establishment of the WTO in 1995 and introduction of free trade agreements with countries such as China and Japan have supported this positive outcome.
Industry supports global initiative to reform WTO
At their Annual Meeting held in New Delhi earlier this month, the Global Business Coalition of sixteen independent business associations representing more than 21 million small, medium and large companies joined together to support reform of the WTO to make it fit for the trading patterns of the 21st century, and the need to rebuild trust in globalisation.
How trade wars pose a threat to the global economy
This article looks at the impact on trade flows of escalating rounds of tariffs between the United States and China. Taking into account a potential further increase on 1 March, UNCTAD estimates most of the affected US-China trade will divert to third countries. The article suggests a long trade war could have adverse implications for global investment flows, employment, growth and multilateral cooperation.
Globalization in transition: the future of trade and value chains
This McKinsey report looks at the changing map of global demand, and concludes that by 2030, developing countries could account for more than half of all global consumption. Excluding China, McKinsey predicts this category could account for 35 percent of global consumption, with India, Indonesia, Thailand, Malaysia, and the Philippines among the leading consumers.
Did You Know?
The Australian agricultural sector is working towards exceeding $100 billion in farm gate output by 2030.
Free Trade Agreements Information Seminar
Perth, WA, 5 March; Margaret River, 6 March; Geraldton, 7 March 2019
This seminar is an interactive session where you’ll have the opportunity to hear directly from government and industry experts on the practical benefits of exporting and how to take advantage of Australia’s free trade agreements, including the Comprehensive and Progressive Agreement for Trans-Pacific Partnership.
Ambassador to France: from Brexit to defence
Adelaide, SA, 7 March 2019
Ambassador to France, Brendan Berne, will provide an update on South Australia’s growing business and defence relationship with France, as well as insights on the critical issues facing the European Union at this Committee for Economic Development of Australia public event in conjunction with the University of Adelaide.
Destination Australia Conference 2019
Brisbane, QLD, 14 March 2019
Minister Birmingham will deliver a speech at Tourism Australia’s annual ‘Destination Australia’ Conference designed for Australian tourism businesses wanting to attract high yield international travellers.