26 July 2018
India Economic Strategy
The Australian Government welcomed the release of ‘An India Economic Strategy to 2035: Navigating from Potential to Delivery’ last week. The report highlights that no single market over the next 20 years will offer more growth opportunities for Australia than India, and outlines ten sectors where Australia’s competitive advantages match India’s needs.
India Economic Strategy
Trade, Tourism and Investment Minister’s Visit to the United Kingdom
“Growing our trade and investment with the UK and attracting more British tourists to Australia will help drive economic growth and create new jobs,” Minister for Trade, Tourism and Investment Steven Ciobo said ahead of a visit to the United Kingdom last week. At the inaugural Australia-UK Leadership Forum the Minister underscored Australia’s intention that our bilateral relationship continue to be the strongest of economic partnerships in the years ahead.
Advancing negotiations on Pacific Alliance FTA
Minister Ciobo met with counterparts from Mexico, Chile, Colombia and Peru at the Pacific Alliance Summit in Mexico to advance negotiations on the Pacific Alliance-Australia Free Trade Agreement. The Pacific Alliance trade bloc accounts for more than 50 per cent of Latin America’s trade, presenting a huge opportunity for Australian exporters. The Pacific Alliance FTA will build on the opportunities created by TPP-11 and the Peru-Australia FTA. Ministers expressed their commitment to conclude negotiations this year.
New accommodation data shows Australia's strong tourism performance
More travellers in Australia are checking into hotels, motels and serviced apartments, the latest Australian Accommodation Monitor reports. Occupancy rates averaged 75 per cent in 2016-17, an increase of 0.5 per cent on 2015-16. Accommodation takings also increased, with revenue per available room averaging $139 per night – 1.6 per cent higher over the same period.
RCEP – Fifth Intersessional Ministerial Meeting
Ministers from the 16 Regional Comprehensive Economic Partnership Participating Countries attended the 5th RCEP Intersessional Ministerial Meeting this month in Tokyo. Ministers welcomed progress made by negotiators across all areas, and agreed to work with a greater focus on finding breakthroughs in negotiations. Ministers tasked negotiators to focus efforts on achieving a package of year-end outcomes.
Joint Media Statement
Trade, Tourism and Investment Minister visits Ireland
Minister Ciobo visited Dublin to meet Irish Government ministers – the first Australian trade minister to do so in more than 30 years. In 2017, two-way trade between Australia and Ireland was worth $3.5 billion.
New website for Chinese business events in Australia
Tourism Australia has launched a redesigned version of its Chinese-language website for business events, to grow the number of international visitors travelling to Australia for business events. This segment was worth $4.75 billion to the Australian economy in 2017, through more than 1 million international visitors.
World Economic Outlook July 2018
According to the IMF’s latest WEO released on 12 July, global economic expansion is becoming ‘less even’ amid mounting risks to the outlook. Advanced economies are expected to grow above trend at 2.4 per cent this year before easing to 2.2 per cent in 2019. The IMF warns that beyond its immediate toll on economic growth, the proliferation of trade measures could increase uncertainty about the potential breadth of trade actions, and hinder investment. It adds that higher trade barriers would make tradable goods less affordable, disrupt global supply chains, and slow the spread of new technologies which would have a detrimental effect on productivity.
G20 acknowledges trade as a key engine of economic growth
G20 Finance Ministers and Central Bank Governors agreed on the importance of international trade and investment at their third meeting under the Argentinian Presidency last weekend. The communiqué issued at the close of the meeting acknowledges that international trade and investment are “important engines of growth, productivity, innovation, job creation and development.” The document also states that member countries “are working to strengthen the contribution of trade to our economies.”
EU and Japan sign largest bilateral trade deal ever
Last week, European Council and European Commission Presidents Donald Tusk and Jean-Claude Juncker and Japanese Prime Minister Shinzo Abe signed the EU-Japan free trade agreement, which will create a trade zone covering 600 million people and nearly a third of global GDP. President Tusk said, “This is an act of enormous strategic importance for the rules-based international order, at a time when some are questioning this order. We are sending a clear message that we stand together against protectionism."
Experts’ report on future of global trade governance
WTO Director-General Azevêdo welcomed a report prepared by the independent High-Level Board of Experts on the Future of Global Trade Governance that outlines four complementary avenues to revitalise the WTO as a forum for trade cooperation and conflict resolution. DG Azevêdo said the report would make an important contribution to issues that are high on the agenda of the international community.
Business Envoy – ASEAN edition
DFAT’s latest edition of Business Envoy focuses on the ASEAN-Australia trade relationship, and features contributions from Australian heads of mission and Austrade representatives in ASEAN countries. The next edition in September will focus on the Republic of Korea.
Did You Know?
Almost one million Australians are employed in our $135.5 billion tourism industry.
Upcoming Trade Events
Free Trade Agreements Information Seminar – Melbourne
Melbourne, VIC, 30 July 2018
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 taking advantage of Australia’s FTAs.
Free Trade Agreements Information Seminars – Burnie and Launceston
Burnie and Launceston, TAS, 31 July 2018
These seminars are interactive sessions where you’ll have the opportunity to hear directly from Government and Industry experts on the practical benefits of exporting and taking advantage of Australia’s FTAs.
India Road Infrastructure Technologies and Traffic Solutions
Virtual event, 31 July 2018
The rapidly growing vehicular traffic on Indian roads, the implementation of mass transportation systems, the need for collecting traffic data, controlling congestion on roads and enforcement of traffic rules have made Intelligent Transport Systems an integral component of the Indian traffic management scenario. This Austrade online seminar is for Australian businesses with capabilities in ITS, telematics, tolling; safety and security; mass transportation; and road construction and infrastructure.
The Indo-Pacific: A Western Australian Perspective – Perth
Perth, WA, 7 August 2018
DFAT Secretary Frances Adamson provides insight into the role Western Australia can play in Australia’s foreign policy approach to the Indo-Pacific region.
Free Trade Agreements Information Seminars – Toowoomba and the Sunshine Coast
Toowoomba and Maroochydore, QLD, 7 and 8 August 2018
This third instalment will see our interactive seminar travel to South East Queensland. Participants will have the opportunity to hear directly from Government and Industry experts on the practical benefits of exporting and taking advantage of Australia’s FTAs.