Trade Talk, 31 May 2018

Australia-EU Trade Agreement

Prime Minister Malcolm Turnbull and Minister for Trade, Tourism and Investment Steven Ciobo announced on 23 May that the European Union had agreed to commence FTA negotiations with Australia. An FTA with the EU would open up a market with half a billion people and a GDP of US$17.1 trillion, making it potentially Australia's biggest FTA. EU Trade Commissioner Malmström will visit Australia next month to formally launch negotiations.

OECD and WTO ministerial meetings

Minister Ciobo is in Paris this week attending ministerial meetings at the OECD and chairing a meeting on the WTO. Topics on the agenda include agriculture, services and digital trade. The Minister will meet a number of his EU Member State counterparts, including from France, ahead of the formal commencement of negotiations on the Australia-EU FTA.

Australia-China Business Awards

The China-Australia Free Trade Agreement is a standout agreement in the region that had opened up new markets and lowered trade barriers, Minister Ciobo said in a speech at the Westpac Australia-China Business Awards celebrating the success of Australian businesses in China and the close bilateral economic partnership.

Business Events Bid Fund delivers first win

Minister Ciobo announced the Boosting Business Events Bid Fund Program launched earlier this year, had helped secure Melbourne as the host city of the world's largest public transport event - the Union International des Transports Publics Global Public Transport Summit 2021. The event is expected to generate a $9.4 million boost to the economy.

NSW startups' best and brightest chance to go global

Minister Ciobo and New South Wales Minister for Innovation Matt Kean have invited Artificial Intelligence and Machine Learning startups to apply for an intensive 10-day program at Austrade's Landing Pad in Tel Aviv, Israel. Applications close 11 June 2018.

G20 Foreign ministers give strong backing to multilateralism

At the conclusion of the G20 Meeting of Foreign Affairs Ministers in Buenos Aires this week the foreign ministers of Argentina, Germany and Japan, the countries that make up the G20 troika, emphasised the importance of maintaining multilateralism and strengthening the world by advancing free trade.

International trade: calendar year, 2017

Data released by the ABS indicates China remained Australia's number one overall export and trade partner in 2017 by a significant margin and the United States our largest services trade partner. Strong growth recorded in services exports to both China and India was underpinned by the education sector. Education related travel services were up a healthy $4.5 billion.

Australia's deepening economic relationship with China: opportunities and risks

RBA Governor Philip Lowe outlined why the Bank has devoted considerable resources to understanding China and its economy, in an address to the Australia-China Relations Institute. He said China was likely to remain Australia's largest export destination for the foreseeable future and that Australian exports of services to China were now greater than those to the United States and the United Kingdom combined.

WTO: accession a key engine for economic transformation

Speaking at the Astana Economic Forum, Deputy Director-General Alan Wolff said that as both an instrument for structural reform and economic diversification, accession had acted as a key driver of integration into the global economy. He pointed to research showing that countries undertaking the reforms required to join the WTO tended to grow around 2.5 per cent faster than others, once the process was complete. 

2018 World Competitiveness Survey: Australia back in top 20 most competitive nations

Australia's rank has improved by two positions to 19th in the latest IMD World Competitiveness Rankings released this week. The United States overtook Hong Kong at first place. Singapore, the Netherlands and Switzerland round out the top five.

Brookings: Digital Australia: An economic and trade agenda

Report author Joshua P Meltzer argues that Australia should use the global internet and data flows as drivers of innovation and productivity to underpin further decades of economic growth, jobs, and rising living standards.

Did You Know? 

According to the WTO, the economies of WTO members have on average grown 20 per cent faster than the overall world average for the last twenty years.

Upcoming Trade Events

Doing Business in Korea Workshop

Melbourne, VIC, 5 June 2018

The Australia-Korea Business Council is hosting a "Doing Business in Korea" workshop covering an overview of Korea, including its history and economy, as well as practical tips on doing business in Korea.

Mining Equipment Technology & Services Opportunities in India

Webinar, 7 June 2018

This free webinar run by Austrade will provide an overview on the mining landscape in India, current developments and trends in the Indian mining sector, and opportunities for Australian METS companies.

Victoria-Korea Business Forum

Melbourne, VIC, 14 June 2018

The Australia-Korea Business Council, together with the Victorian Government, Korean Consulate, the Korea Trade-Investment Promotion Agency and the Australia-Korea Young Professionals Association are hosting the inaugural 'Victoria-Korea Business Forum'. The half day seminar will showcase Victorian businesses that are doing business in, and with, Korea.

Export - What's in it for me?

Unley, SA, 14 June 2018

This Business SA breakfast training session will explore the reasons why it's worth seriously considering exporting.

Asialink Business Lunch with Australia's Ambassador to ASEAN

Melbourne, VIC, 22 June 2018

Australia's Ambassador to ASEAN, Ms Jane Duke, will launch Asialink Business' ASEAN special report: ASEAN Rising: Insights for Australian businesses to grow and expand in South East Asia.  Status and outlook of the region, and how Australian businesses can capitalise on the rising new markets and the ASEAN-Australia-New Zealand FTA (AANZFTA) will be explored.

Last Updated: 31 May 2018