New Australian Ambassador to the WTO
Hamish McCormick has been announced as Australia's next Ambassador to the World Trade Organisation (WTO). Mr McCormick will replace Tim Yeend as Ambassador in August 2013. New WTO Director-General, Roberto Azevêdo also begins his term in September.
Media Release: New Ambassador to World Trade Organization
Mixed results for Australian exports in latest trade statistics
Australia’s total export volumes grew by 6% in 2012, their highest annual growth rate since 2000 according to DFAT’s “Composition of Trade, Australia” (COT) and “Trade in Primary and Manufactured Products” (PMP) publications. Despite the strong growth in export volumes, total export values fell by 4.2% in 2012 due to falling export prices.
Media Release: DFAT releases trade publications
UK cloud company opens Asia HQ in Australia
UK cloud computing company, NewVoiceMedia, has set up its regional headquarters in Australia to meet growing Asian demand. The Australian headquarters is aimed to strengthen the company’s footprint into the Asia Pacific market, one of its highest growth regions.
Media Release: UK company to use Australia as Asian base
Weaker dollar forecast to drive 11% increase in resource exports
Australia's resources and energy commodity export earnings are forecast to increase by 11% in 2013-14 according to the Bureau of Resources and Energy Economics (BREE). ‘An assumed depreciation of the Australian dollar (AUD) will provide support for AUD denominated resource and energy exports’ according to BREE Director, Quentin Grafton.
Media Release: Weaker dollar to support resources and energy export earnings in 2013–14
OECD: Transparency promotes trade in RTAs
This OECD trade policy paper examines the impact of adoption of transparency in trade agreements. The paper reveals that countries that opt for a comprehensive transparency agenda in Regional Trade Agreements (RTAs) can expect to gain substantial increases in intra-regional trade.
OECD Paper: Quantitative Evidence on Transparency in Regional Trade Agreements
The EU ends GSP trade preferences for the Gulf Cooperation Council (GCC)
EU trade preferences for the Gulf Cooperation Council (GCC) will end as part of reform of the EU's preferential trade scheme - the "Generalised Scheme of Preferences" (GSP). The EU will focus the GSP on supporting economic growth in developing countries. GCC countries are classified as high income and will no longer be eligible for the GSP.
Media Release: Limited impact for GCC of revised trade scheme
Did you know?
Driving demand. Two way trade between Australia and the GCC stands at $10.165 billion, with the GCC taking over 78% of Australia’s passenger motor vehicle exports
Visit the DFAT trade portal for more on Australian trade, including FTA updates and the latest trade statistics.