10 October 2013
Indonesia to participate in New Colombo Plan pilot
More Australians will study in Indonesia after Indonesia agreed to participate in the New Colombo Plan pilot in 2014. The Plan aims to increase knowledge of the Asia Pacific and strengthen relationships through study and internships undertaken by Australian students.
Foreign Minister Media Release: Indonesia to participate in New Colombo Plan pilot
APEC Leaders’ Meeting: 7 – 8 October, Bali
APEC economies committed to boost private financing of infrastructure in the region and Australia committed $3 million towards a pilot Public Private Partnerships Centre in Indonesia. Ministers also advanced work on cross-border education (Australia’s largest services export) and set a 2020 student mobility target.
APEC Media Release: 2013 Leaders’ Declaration
Australia hosts second round of RCEP negotiations
Brisbane hosted the second round of the Regional Comprehensive Economic Partnership (RCEP) trade negotiations from 23 to 27 September. The negotiations focused on trade in goods, services and investment. The third round of negotiations is scheduled for 20 – 24 January in Malaysia.
DFAT Media Release: Australia hosts second round of RCEP Negotiations in Brisbane
IMF WEO: Global growth patterns shifting
Global growth is expected to be lower in 2013 as the drivers of global growth shift, according to the IMF’s World Economic Outlook (WEO). Growth in major emerging markets is expected to be weaker with growth in advanced economies expected to pick up. The WEO forecasts Australia’s GDP to grow 2.5% in 2013.
IMF Media Release: World Economic Outlook
APEC growth – steps towards recovery
APEC area GDP growth rose from 3.4% in Q1 2013 to 3.5% in Q2 according to a new APEC report. Economic activity has strengthened in industrialised APEC economies while GDP growth has been weaker than expected in some emerging and developing APEC economies.
Indian electricity flows to Bangladesh in South Asia first
Electricity began flowing from India to Bangladesh on 5 October as South Asia’s first ever high voltage direct current (HVDC) was switched linking the two countries. This is a key milestone for South Asia as it looks to set up a regional energy market.
World trade-to-GDP ratio reflects recent ‘democratisation’ of output
The recent slowdown in the ratio of world trade-to-global GDP need not be a cause for concern, according to this Peterson Institute for International Economics blog post. PIIE argue this may be caused by a slowing of convergence between the output of developing and developed countries rather than rising trade barriers.
PIIE Blog Post: Why Slowing World Trade-to-GDP Need Not Cause Worry
Did you know?
The original Colombo Plan… Over 20,000 Asian students came to study in Australia under the original Colombo Plan.