Trade Talk 27 June 2014

Trade TalkAustralian Government, Australia Unlimited

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

Trade Minister and Treasurer attend inaugural Strategic Economic Dialogue in China

The inaugural Strategic Economic Dialogue between Australia and China took place in Beijing this week. The Dialogue provides an opportunity for the two countries to further economic and trade ties. China is Australia’s largest trading partner (Australia is China’s 7th largest goods trading partner).

TIM Media Release:  Ministers to visit China for inaugural Strategic Economic Dialogue

Trade and Investment Minister confident on China FTA

Andrew Robb is confident a free trade agreement with China can be completed this year. Following a visit to China this week Mr Robb told reporters "[the FTA] was do-able this year. It could be completed and both governments are determined to bring it to completion later this year".

Business Spectator:  China FTA to be signed this year: Robb

Australia signs treaty to improve access to published works for vision impaired

The Australian Government signed the Marrakesh Treaty to Facilitate Access to Published Works for Persons who are Blind, Visually Impaired, or otherwise Print Disabled in Geneva this week. The Government will now work to bring forward the Treaty for ratification through Parliament".

TIM Media Release:  Australia signs the Marrakesh Treaty

Australia to create new investment framework with China

Minister Robb and Treasurer Hockey announced that a new investment cooperation framework would be developed to facilitate two-way investment between China and Australia. The framework, which is separate to FTA discussions, provides an opportunity to deepen the Australia-China relationship.

TIM Speech: Transcript of joint announcement by Treasurer and TIMO 

Introduction of new trade restrictions down slightly among G20 members

G20 members added 112 new trade restrictive measures from November 2013 to May 2014, slightly less than the 116 in the previous period, according to a WTO report. "While some liberalising measures have been introduced, it's clear that the cost of trade restrictions has grown" said WTO Director Azevêdo.

WTO Speech:  Azevêdo reports trade restrictions down slightly, urges G-20 leadership on post-Bali agenda

Yemen brings WTO membership to 160

On 26 June, Yemen became the 160th WTO member, after 13-years of negotiating its accessions terms with WTO member countries. "This is great news for Yemen's economy and therefore for the people of Yemen" said WTO Director General Roberto Azevêdo.

WTO News: Yemen brings WTO membership to 160

German Chancellor calls for advances in EU-Mercosur trade talks

German Chancellor Angela Merkel has declared her commitment to a successful EU-Mercosur trade deal, following a meeting with Brazilian president Dilma Rousseff. Talks for a trade deal between the EU and Mercosur (a South American customs union) began in 1999 but were suspended between 2004 and 2010.

ICTSD:  Merkel Calls for Advances in EU-Mercosur Trade Talks

Reform needed to encourage growth in emerging markets

Economic growth in emerging markets is expected to be lower than the previous decade, unless a new wave of structural reforms are implemented, says a new IMF study. Lower commodity prices and reduced demand from advanced economies are among the challenges faced by emerging markets.

IMF:  Emerging Markets Face Tough Climb Back to Past Growth Levels

Japan-EU FTA negotiations on track despite difficulties in railway sector

Despite advancements in the Japan-EU FTA negotiations, talks remain difficult in the railway sector. Japanese railways are organised on a different legal and economic basis than those in the EU. ECIPE analyses this in the context of negotiations on government procurement in the FTA

ECIPE Policy Brief: European Centre for International Political Economy: The Japan-EU Negotiations on Railway

Did you know?

FIFA World Cup competitors Australia and Spain traded approximately $3 billion in goods in 2013.

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

Last Updated: 27 June 2014