Trade Talk brings you a selection of the latest trade news from Australia and the world.
7th round of the Trade in Services Agreement (TiSA) negotiations
The US hosted the seventh round of TiSA negotiations from 23-27 June in Geneva. Continued progress was made in all areas of the negotiations. A further two rounds will be held in 2014, hosted by the EU and then Australia.
DFAT News: Seventh Round (23-27 June 2014)
RCEP negotiators meet in Singapore ahead of the RCEP Ministerial Meeting
Singapore hosted the fifth round of Regional Comprehensive Economic Partnership (RCEP) negotiations on 21-27 June. Negotiations intensified as officials prepared the groundwork for the upcoming RCEP Ministerial Meeting (Burma, late August)
DFAT: RCEP negotiators meet in Singapore ahead of the RCEP Ministerial Meeting
Positive outlook for resources despite May trade deficit
Australia's trade deficit widened in May to $1.9b up from the $780m deficit recorded in April. The deficit is the largest since January 2013, driven by a 4.6% decrease in exports. Lower exports were recorded in all categories including an 8.6% drop in the value of resource exports. Imports were also down, falling 0.6%.
TIM Media Release: Positive outlook for resources and energy exports
ABS Publication: International Trade in Goods and Services, Australia, May 2014
TPP talks continue in Ottawa
Trans-Pacific Partnership Negotiators will meet in Ottawa, Canada, from 3 to 12 July 2014 to progress outstanding issues in the negotiations.
DFAT: Trans Pacific Partnership Negotiators meet in Canada
Supporting Australian business to build links in Asia
Grants to help Australian business expand their links in Asia have been awarded to 18 organisations under the Government's $1.5 million Asian Business Engagement Plan. Australia's trade links with Asia are expected to represent at least one-third of GDP by 2025, up from one-quarter in 2011.
TIM Media Release: Supporting Australian business to build links in Asia
Australia-Japan Business Matching (AJBM) website launched
A new bilingual website facilitating business and trade between Australia and Japan has been launched by the Queensland Japan Chamber of Commerce with the support of DFAT through the Australia-Japan Foundation. The website provides a portal through which individuals and companies can identify mutually beneficial opportunities.
The Queensland Japan Chamber of Commerce: Australia-Japan Business Matching
The Australia-Japan Foundation: Australia-Japan Foundation
Women encouraged to apply for Export Awards
Applications are open for the Australian Export Awards with women encouraged to apply. A growing number of women-owned Australian businesses engage internationally however few have nominated for the Awards. Around a third of Australian women-owned organisations earn more than half of their sales overseas.
Austrade News: Austrade sends a challenge to women in export
Export Awards: Details and Registrations for the Australian Export Awards
Get to know Brazil: Austrade highlights aquaculture opportunities
As the World Cup shines a spotlight on Brazil, Austrade is encouraging Australian businesses to explore aquaculture opportunities in the world's 7th largest economy. Brazil has 8000km of coastline and large freshwater basins, giving it the potential to become of the world's largest suppliers of fish and crustaceans.
Austrade: Get to know Brazil: Austrade highlights aquaculture opportunities
Switzerland-China FTA enters into force
The Switzerland-China FTA entered into force on July 1, making Switzerland just one of two European countries (with Iceland) to have a free-trade agreement with China. The FTA "improves mutual market access for goods and services [and will] contribute to long-term economic development" said the Swiss government.
Bloomberg: Swiss Coffee Machine to Robot Makers Buoyed by China Trade Pact
Did you know?
According to an OECD study, if G20 economies reduced trade barriers by 50%, they could gain between a 1.8% to 8% increase in real wages for lower-skilled workers and 0.8% to 8.1% for higher-skilled workers.
Trade articles sourced from non-Australian Government sources do not necessarily reflect the views of the Australian Government.