Trade Talk 24 July 2014

Trade TalkAustralian Government, Australia Unlimited

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

G20 Trade Ministers' Meeting: "Trade a vital engine of economic growth"

The second G20 Trade Ministers’ meeting took place in Sydney on Saturday and brought together all G20 members and invited guests. Attendees discussed a range of issues including the contribution to economic growth from trade agreements, global supply chain barriers, and national growth strategies.

TIM Speech: Chairman’s Summary – Meeting of G20 Trade Ministers

Global Trade Facility to foster economic growth, job opportunities and poverty reduction

Australia will provide $60 million over four years to help developing countries participate in international trade. The Global Trade Integration Facility is an important part of Australia’s aid-for-trade efforts and will support opportunities for poor and disadvantaged nations.

Joint FM & TIM Media Release: Australia launches Global Trade Facility

Global Value Chains (GVCs) offer opportunities for growth, jobs and development

A new OECD report argues that integration with GVCs will determine future trade and investment patterns and growth opportunities. The report, launched by Minister Robb, was requested by G20 leaders to analyse GVCs and their relationship to trade and investment flows, development and jobs.

Australia leads G20 nations on e-trade readiness

Australia is better placed to grow global online commerce than any other member of the G20, according to the 2014 Economist Intelligence Unit G20 e-Trade Readiness Index. Australia ranked top of the index based on strengths in five categories, in particular e-payment methods and the Internet environment.

Austrade: Australia leads G20 nations on e-trade readiness

Australia steadily climbing innovation rankings

Australia’s ranking on the Global Innovation Index has improved to 17th, up from 19th place in 2013 and 23rd place in 2012. The Index surveys 143 world economies, using 81 indicators to measure innovation capabilities.

WTO launches the Trade Facilitation Agreement Facility

The WTO has launched an initiative to help developing countries and least developed countries reap the benefits of implementing the WTO’s Trade Facilitation Agreement (TFA). “[With this initiative], developing countries can be sure they receive the support needed to make the reforms enshrined in the TFA” said WTO DG Roberto Azevêdo.

WTO News: Azevêdo launches new WTO Facility to deliver support to LDCs and developing countries

WTO Director-General speaks at Australian National University (ANU)

In a speech at the ANU, WTO DG Roberto Azevêdo spoke of the significance of the Bali Trade Facilitation Agreement to the WTO. “Bali has created the opportunity to herald a new era in the WTO” said Mr Azevêdo, “But whether we take this opportunity is up to members. It will be a question of political will.”

WTO News: Bali can herald a new era in the WTO – Azevedo

ADB works to empower women in the fishing sector in PNG

The ADB’s Pacific Private Sector Development Initiative is partnering with PNG’s Nationwide Microbank to economically empower women in the fishing sector. Assistance will be in the form of skills training and business development. The initiative will work to establish market access for the women’s produce.

ADB News: ADB/PSDI Partners with Nationwide Microbank to Nurture Women’s Business Skills in Fishing Villages

Did you know?

On average, US$ 2.7 billion of global trade takes place every hour of every day.

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

Last Updated: 24 July 2014