Trade Talk 28 February 2014

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

28 February 2014

G20 Finance Ministers and Central Bank Governors meet in Sydney

The G20 Finance Ministers and Central Bank Governors met on 22–23 February in Sydney. The Ministers and Governors committed to implement policies to grow collective GDP by more than 2% above the current trajectory over the next 5 years. 

Treasurer Media Release:  Conclusion of G20 Finance Ministers and Central Bank Governors Meeting in Sydney

FM Julie Bishop explores opportunities for Australian business in Cambodia

The Minister for Foreign Affairs visited Cambodia as part of a regional tour of ASEAN nations. Among items discussed were Cambodia’s impressive economic growth and emerging opportunities for Australian businesses, including in the context of RCEP negotiations and the implementation of AANZFTA.

FM Media Release:  Foreign Minister's visit to Cambodia

Strengthening economic growth in the Philippines

Minister for Foreign Affairs, Julie Bishop has announced additional funding to the Philippines Public-Private Partnership (PPP) Centre bringing Australia’s total contribution to US$30 million. Australia’s support is helping the Philippine Government to use PPPs to deliver better services and increase private sector participation and investment. 

FM Media Release:  Strengthening economic growth in the Philippines

Australian pension funds experience world’s highest growth rate

Australia’s pension (superannuation) assets have experienced the world’s highest growth rate in 2013 according to the Towers Watson Global Pensions Asset Study 2014, rising to 105% of GDP, up from 79% a decade ago. Australia has the world’s fourth largest pension market, valued at US$1.6 trillion.

Austrade:  Australian pension funds growth the world’s highest

OECD Report: Reforms needed to stave off low economic growth

The OECD has warned the world may face an extended period of low economic growth without major reforms. In a report released at the G20 Finance Ministers’ Meeting in Sydney last week the OECD identified infrastructure, economic reform and trade liberalisation as opportunities to boost growth.

OECD Report:  Economic Policy Reforms: Going for Growth

Officials Pledge to Combat Illegal Wildlife Trade

Officials from over 40 countries, including Australia, have pledged to act together to combat the illegal wildlife industry, following a meeting hosted by the UK Government. The illegal trade is valued at over US$19 billion a year.

UK Government Press Release:  Decisive action agreed on illegal wildlife trade

Did you know?

Australia’s total trade with the Philippines was valued at $3.4 billion in 2012–13. This comprised of $2.2 billion in exports and $1.2 billion in imports. Major exports included precious metal ores and concentrates, wheat and education, while major imports included recreational travel and business services.

Last Updated: 28 February 2014