TPP-11 to enter into force on 30 December 2018
The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (TPP-11) will enter into force on 30 December 2018 among Australia, Canada, Japan, Mexico, New Zealand and Singapore. Australian farmers and businesses will benefit from receiving two tariff reductions under the TPP-11 within three days – one on 30 December and another on 1 January 2019. On 31 October, Australia became the sixth country to ratify the TPP-11 by notifying New Zealand, the Depositary of the treaty, that all applicable domestic legal procedures necessary for the Agreement’s entry into force were complete.
Prime Minister’s Address to Asia Society
Prime Minister Scott Morrison shared perspectives on Australia’s approach to engagement with our region, and more broadly, in a keynote address to the Asia Society on 1 November. The Prime Minister emphasised Australia’s support for efforts to improve and strengthen the World Trade Organization (WTO), while recognising some of the legitimate frustrations of other countries, and outlined that Australia would continue to implement a pragmatic trade agenda pursuing trade liberalisation wherever possible.
Minister for Trade, Tourism and Investment visit to Shanghai and Hong Kong
Minister Birmingham led Australia’s delegation to the Inaugural China International Import Expo (CIIE) this week in Shanghai, before travelling to Hong Kong for meetings with government and business leaders to progress the Australia-Hong Kong Free Trade Agreement. The Minister said the CIIE was a fitting way to mark China’s modern economic success. With over 200 Australian brands taking part, Australia’s commercial presence was the third-largest among the 130 participating countries.
President Xi speech at CIIE
At the opening ceremony, China’s President Xi Jinping said the CIIE was aimed at widening access to China’s marketplace, and was a demonstration of China’s support for the multilateral trading system and free trade. President Xi also outlined China’s efforts to stimulate imports, broaden access to China’s market and foster a world-class business environment.
WTO Director-General speech at CIIE
In his address at the opening ceremony, WTO Director-General Roberto Azevêdo said the CIIE sent a clear message about China's role in global trade and the importance of imports. The Director-General pointed to greater openness and economic integration as the fuel for growth, job creation, and development in the modern world. He said now was the time to strengthen the multilateral trading system which had provided the foundations for this success.
Seminar to help Townsville businesses use Australia’s FTAs
Assistant Minister for Trade, Tourism and Investment Mark Coulton will host a seminar in Townsville on Friday 9 November to help local businesses understand how Australia’s free trade agreements (FTAs) can benefit them. FTAs reduce barriers to trade, making overseas markets more accessible for companies that might not have previously considered exporting. Townsville’s thriving mineral, agricultural and manufacturing industries are well placed to exploit many of the new opportunities.
Australia’s trade in in goods and services – September
In seasonally adjusted terms, Australia recorded a trade surplus of $3 billion in September, an increase of $675 million on the surplus in August 2018. Imports fell $392 million or 1 per cent to $34.5 billion over the same time period. Large movements between August and September were recorded for exports of iron ore lump (values up 6 per cent), iron ore fines (values up 3 per cent), while hard coking coal exports rose 7 per cent.
Latest International Visitor Survey results
Tourism Research Australia’s latest survey results show record numbers of international visitors came to Australia during the year ending June 2018, with 8.4 million arrivals aged 15 years and over, an increase of 6 per cent on the previous year. China continued to underpin growth with a 13 per cent increase in visitors. Total trip spend increased 5 per cent to a record $42.5 billion. China accounted for 81 per cent of the growth in spend for the year.
Streamlining meat export legislation
The Department of Agriculture and Water Resources is seeking feedback on the Consultation Draft Export Control Rules 2020 – Meat and Meat Products. The draft meat rules will regulate the export of meat and meat products and replace current legislative instruments including the Export Control (Meat and Meat Products) Orders 2005. Submissions close on 21 December 2018.
Reserve Bank of Australia: Australian Economic Growth Revised Up
In its meeting on 6 November, the Reserve Bank of Australia Board left the cash rate unchanged at 1.50 per cent, noting the Australian economy was performing well and the forecasts for economic growth in 2018 and 2019 had been revised up. The RBA also noted the global economic expansion was continuing and a number of advanced economies were growing at an above-trend rate.
IMF: ‘When History Rhymes'
Drawing parallels between economic conditions today and those before World War I, IMF Managing Director Christine Lagarde has called for a ‘new multilateralism’ that is more inclusive, more people-centered, and more accountable. She argued this could reinvigorate the spirit of cooperation while also addressing a broader spectrum of challenges, from financial integration and fintech to the cost of corruption and climate change.
Latin America—Fast growing consumer market offers opportunities
EFIC’s latest World Risk Developments report examines opportunities to expand exports to Latin America, noting that last year the region accounted for 6 per cent of the world economy, yet just 1 per cent of Australian exports.
Grappling with Globalization 4.0
Klaus Schwab, Founder and Executive Chairman of the World Economic Forum explained the reasoning behind the theme of next year’s WEF Annual Meeting in Davos in January in an article published this week. The theme, ‘Globalization 4.0: Shaping a New Architecture in the Age of the Fourth Industrial Revolution,’ will be addressed through two organising principles: wider engagement and heightened imagination – the engagement of all stakeholders in sustained dialogue, and the imagination to think systemically, beyond short-term institutional and national considerations.
Did You Know?
According to the WTO, around two-thirds of all exports around the world contain imported components.
Upcoming Trade Events----
Free Trade Agreements Information Seminars
Townsville, QLD, 9 November 2018
Find out about how you can take advantage of Australia’s FTAs with China, Japan, Korea, Peru and the TPP-11 at this interactive seminar with government and industry experts. Assistant Minister Coulton will deliver the keynote presentation.
Tourism Masterclasses – Gold Coast
Gold Coast, QLD, 15 November 2018
Tourism operators are invited to attend two of four masterclasses presented by Tourism and Events Queensland. The four masterclasses are: customer centricity; unlock spend potential of Chinese travellers; attracting investment to your region; and augmented reality and virtual reality.
Free Trade Agreements Market Entry Grant Information Session
Sydney 20 November; Canberra 21 November; Melbourne 22 November; Hobart 23 November; Adelaide 27 November 2018
Austrade’s Free Trade Agreement Market Entry Grant Information Sessions will provide potential applicants the information they need to make an informed decision on applying for a grant and outline the types of information potential applicants will need to include in their applications. The sessions are suitable for peak industry bodies, chambers of commerce and universities.
2018 Australia China Trade Summit
Sydney, NSW, 4 December 2018
Participants at the Australia-China Business Council Trade Summit will hear from experts and industry leaders on opportunities in China in agriculture, food and beverage, services and technology. NSW Minister for Trade and Industry Niall Blair will talk about his recent trip to the CIIE and the opportunities ahead for Australian businesses.
ICT Workshop: Doing business in the US
Melbourne, VIC, 5 December 2018
This event is aimed at Victorian ICT companies considering establishing or expanding their presence in the US market. It will include keynote presentations, market entry specialists and insights from successful Victorian companies.