Trade deficit narrows in February
Australia's seasonally adjusted trade deficit shrank in February on the back of stronger exports. The deficit contracted from $1.2 billion in January to $178 million in February. Exports rose by 3.3%, led by strong manufacturing and rural goods exports. The result was at odds with market forecasts for a $1 billion deficit.
Press release: Trade deficit narrows in February on higher exports
Australia and Saudi Arabia further trade relations
Australia and Saudi Arabia met to discuss a series of trade related issues at the ninth meeting of the Saudi Arabia-Australia Joint Ministerial Commission (JMC) on March 22 in Canberra. Ministers from the two countries discussed issues ranging from trade and investment to energy and resources. The Ministers welcomed the signing of a Memorandum of Understanding between the Australia-Saudi Business Council and the Council of Saudi Chambers establishing the Saudi-Australia Joint Business Council.
Press release: Saudi Arabia-Australia Joint Ministerial Commission
The ACCC gives the green light for an alliance between Qantas and Emirates
The Australian Competition and Consumer Commission (ACCC) has granted conditional approval for an alliance between Qantas Airways Limited and Emirates. The alliance includes coordination of passenger and cargo operations and flight training amongst other services.
New study: benefits to US from emerging economies
The Peterson Institute for International Economics has launched a publication which debunks several myths about the negative impact to the US economy of trading with emerging economies.
WTO Director pushes for commodity sector growth
The Director-General of the World Trade Organization, Pascal Lamy, has recommitted his organisation to support commodity sector growth as a conduit to economic growth and poverty reduction in a speech at the UNCTAD Global Commodities Forum in Geneva.
FTA negotiations to commence between the EU and Japan
The European Union (EU) and Japan officially launched Free Trade Agreement negotiations on March 25. The EU is Japan's third largest trading partner and both economies combined total more than one third of world GDP. An agreement is expected to boost the EU's GDP by between 0.6% - 0.8%, creating over 400,000 jobs.
Memorandum: A Free Trade Agreement between the EU and Japan
Did you know?
Australia exported 48kg of hare and rabbit to East Timor and 1000kg to the United Arab Emirates in 2012. This generated approximately $33,000 but still left plenty of bunnies to deliver Easter eggs across Australia.