ANZ services report released with an Asian focus
The ANZ Bank, in conjunction with consulting firm PwC, Asialink at the University of Melbourne and the Melbourne Institute, has released its services trade report for 2012. The report highlights the increasing importance of services trade to Australia's broader engagement with Asia.
Agricultural commodities forecasts
The Australian Bureau of Agricultural and Resource Economics has released its latest outlook for Australia's key agricultural commodities. The report includes forecasts for 2012-13 and 2013-14, along with projections up to 2017-18. Export earnings are forecast to increase in 2013-14 for a range of commodities including barley, wine, beef and veal and wool. Earnings from other commodities such as canola, wheat, rice, raw cotton and sugar are expected to fall.
EU-Thailand Free Trade Agreement
The European Union and Thailand have announced they will begin negotiations on a free trade agreement. The agreement will cover the full gamut of trade issues, including tariff and non-tariff barriers, services, investment, procurement and sustainable development. Australia and Thailand signed a free trade agreement (known as TAFTA) in 2005. In 2011-12, our two-way goods and services trade was valued at $17.7 billion.
Press release: EU and Thailand launch negotiations for Free Trade Agreement
WTO Director-General on trade and Asia
Pascal Lamy, Director-General of the World Trade Organization (WTO), delivered a speech this week on the Asian Century and what it means for global trade more broadly. Mr Lamy highlighted the importance of multilateralism and expressed his desire for greater cooperation between the WTO and the Asian Development Bank.
OECD: Mineral resource trade in Chile
The Organization for Economic Co-operation and Development (OECD) recently released a working paper on the mineral resource trade in Chile. The report charts Chile's experience in developing and regulating its mining sector, where it has a comparative advantage particularly in the copper industry. The authors argue that Chile's regulatory initiatives – including its taxation system – may be a useful model for other mineral rich countries.
Did you know?
One of Australia's most enduring exports - wool - is forecast to grow 17 per cent in 2013-14 according to ABARES. Since 2002, Australia has exported some 4.3 million tonnes of wool, valued at nearly $28 billion.