25 July 2013
Pacific Trade Ministers advance PACER Plus negotiations
Pacific Islands Forum Trade Ministers have endorsed a roadmap and welcomed recent progress to advance the PACER Plus negotiations. The next inter-sessional negotiating meeting will be held in the week of 12 August.
Press Statement: 2013 Forum Trade Ministers Meeting Outcomes
Chinese investment in Australia: Lowy Speech
Professor Zha of Peking University presented on the drivers of Chinese investment in Australia and the “need for a productive and predictable relationship” to manage perceptions. According to Zha, Chinese investment grew from 0.92% of Australia’s total FDI stock in 2008 to 2.63% in 2011.
Lowy Institute Speech: Chinese FDI in Australia: drivers and perceptions
Lamy: ‘Transparency is the best insurance policy against protectionism’
WTO Director-General, Pascal Lamy, has warned that “trade restrictive measures continue to be adopted while the stock of existing measures remains high.” He said a transparent multilateral trading system remains the best way to overcome protectionist threats.
WTO Speech/Report: Lamy hails transparency as the best insurance policy against protectionism
2013 World Trade Report released
World trade has grown on average nearly twice as fast as world production in recent decades, according to the 2013 World Trade Report. The Report notes the importance of addressing concerns such as income inequality, environment and development.
WTO Report: Fast-changing nature of world trade poses new policy challenges, report says
Trade facilitation as a tool of growth
US Think-Tank Progressive Economy argues the case for the US streamlining its customs procedures and the early conclusion of the WTO Trade Facilitation Agreement. The paper suggests such trade facilitation measures could increase US exports by six times more than the elimination of all world tariffs.
Progressive Economy Paper: Trade Facilitation as a Growth Tool
EU re-opens its market to Myanmar
The EU has restored duty-free and quota free access to the EU for all Myanmar’s exports (except arms and ammunitions). The original agreement was suspended in 1997.
EU Media Release: EU re-opens its market to Myanmar/Burma
Did you know?
English Cricket takes hold...As the English team enjoys a successful start to the Ashes campaign, their success is being matched by British exports of cricket bats to Australia. In 2012 Australia imported 2,920 cricket bats from the UK with a value of over $320,000. The top three sources for imports of cricket bats to Australia in 2012 were India, Pakistan and China.
Visit the DFAT trade portal for more on Australian trade, including FTA updates and the latest trade statistics.