CPTPP kicks-off, delivering benefits for Aussie farmers and businesses
Australian exporters are now able to claim new tariff reductions and better access in markets across the Americas and Asia following the entry into force of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) on 30 December 2018. A second tranche of tariff reductions in most countries that have ratified CPTPP came into effect on 1 January 2019.
New Australia-UK wine and mutual recognition agreements
Australia and the United Kingdom have signed new agreements that will ensure wine arrangements already in place between Australia and the European Union continue to apply after the UK’s exit from the European Union. The UK will continue to accept Australian labelling and certification standards as well as winemaking practices, and Australia and the UK will continue to recognise test reports and certificates issued by each other’s designated conformity assessment bodies.
Trade, Tourism and Investment Minister’s address to the Bruegel Institute, Brussels
Minister for Trade, Tourism and Investment Simon Birmingham outlined the work undertaken by Australia and the European Union in the WTO to support institutional reform and improvement, and how free trade agreement negotiations with the EU are an opportunity to craft new rules with the potential for multilateral application.
Australia ratifies PACER Plus
On 20 December 2018, Australia notified Tonga, as Depositary of the Pacific Agreement on Closer Economic Relations Plus (PACER Plus), that Australia had completed its applicable legal procedures necessary for entry into force of the agreement. Australia is the second country to ratify the agreement, after New Zealand.
Prime Minister urges ratification of PACER Plus trade agreement
During a visit to Fiji, Prime Minister Scott Morrison advocated for the ratification of PACER Plus among the Pacific Island signatories and commended the deal to Fiji. The Prime Minister said that as a regional trade agreement that will open new markets and economic opportunities for the Pacific, PACER Plus will be a better and stronger regional agreement with Fiji in it.
Trade, Tourism and Investment Minister visits the UK, UAE, US and Europe
In January, the Minister visited the UK, the United Arab Emirates, Belgium, Switzerland and the United States to pursue Australia’s economic and trade interests with government leaders, business and major international organisations. In Abu Dhabi, London and Brussels the Minister discussed free trade agreement negotiations. He also attended the World Economic Forum in Davos, and G’Day USA in Los Angeles.
G20 Japan 2019
Japan will host G20 leaders at the Osaka Summit on June 28 and 29, 2019, the largest summit meeting Japan has ever hosted. Prime Minister Shinzo Abe said Japan’s objectives as G20 President were to support global economic growth by promoting free trade and innovation, achieving both growth and the reduction of inequality, and contributing to the development agenda. In addition to trade and investment, discussions will cover issues including infrastructure, climate change and digitalisation. Japan will host a Trade and Digital Economy Ministerial Meeting on 8-9 June, which will be an important prelude to the Summit.
World Economic Outlook Update
The IMF’s World Economic Outlook released this week predicts a weakening in the global expansion, with projected growth of 3.5 percent in 2019, and 3.6 percent in 2020. At 0.2 and 0.1 percentage points respectively below the Fund’s October 2018 projections, the revision partly reflects the carryover of softer momentum in the second half of 2018, weakening financial market sentiment, and a deeper than anticipated contraction in Turkey. The October revision reflected in part the negative effects of tariff increases enacted in the United States and China earlier that year.
Global Economic Prospects report
In a separate assessment, the World Bank’s January 2019 Global Economic Prospects report predicts global economic growth will soften from a (downwardly-revised) 3 per cent in 2018, to 2.9 percent in 2019, amid rising downside risks to the outlook.
EFIC: Risks to the 2019 export outlook
EFIC’s economists look back at the ‘tidal shifts’ of 2018, and discuss 12 risks that ‘lurk’ in 2019.
World Risk Developments
Business envoy – Indigenous business edition
Today, Indigenous businesses are one of the fastest growing sectors in Australia. Around 12,000-16,000 Australian businesses are Indigenous-owned, and Indigenous self-employment rates suggest this number will grow by around 2,200 by 2026.
MCA: The populists' multi-billion blunder on foreign investment in Australia
Tania Constable, CEO of the Minerals Council of Australia, outlines how and to what extent foreign investment has directly benefited all Australians.
Did You Know?
Australian producers exported 251,749,647 litres of wine to the United Kingdom last financial year.
Free Trade Agreements Information Seminar
Darwin, NT, 7 February 2019
Find out how you can take advantage of Australia’s Free Trade Agreements with China, Japan and Korea and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) countries. Mark Coulton, Assistant Minister for Trade, Tourism and Investment, will host this event.
ABARES Outlook Conference 2019
Canberra, ACT, 5-6 March 2019
The ABARES Outlook conference is the agriculture sector’s premier information exchange and networking event. It connects leading national and international speakers and producers with motivated and information seeking public and private sector decision makers.
Trade Articles sourced from non-Australian Government sources do not necessarily reflect the views of the Australian Government.