Global insights - dispatches from Australia’s global diplomatic network
Australia-EU Climate Change Dialogue
After a five-year hiatus, the European Union and Australia resumed their high level dialogue on climate change on 26 June to explore new areas of cooperation.
The partners are looking to expand their cooperation on climate change to enhance investment in low emissions technologies. From electric vehicles to renewable energy, from making finance flows more sustainable to boosting agricultural productivity while reducing its carbon footprint, there are exciting opportunities for businesses to be part of Australia’s growing engagement with the world’s largest trading bloc.
Australian majority owned affiliates: Innovating abroad
In September, the Australian Bureau of Statistics released the new Australian Outward Foreign Affiliates Trade 2018-19 data that measures the economic activity of Australia’s 5,176 majority owned affiliates based abroad. In 2018-19, these entities posted sales of $213 billion in their host countries, employed 412,000 people, added $160 billion in value to those economies and remitted $15 billion to Australia. Across several services sectors, exports through affiliates is much higher than our direct exports from Australia. For example, nearly all health services and well over 90 per cent of mining services and construction services exports were delivered via affiliates. Australian majority-owned affiliates are exporting Australian know-how, expertise and innovation by taking advantage of global supply chains and overseas markets, providing a return on investment back to Australia in capital, knowledge and profits. More information can be found on DFAT’s website, including fact sheets for 14 different economies and 15 industries.
Hobart: Goods exports going strong
Tasmania enjoyed strong goods exports in 2019-20 with total exports matching the previous year’s mark of $3.66 billion. Goods exports held up well during the pandemic, with total exports in March-June 2020 up 8 per cent to $1.25 billion compared to the same period in 2019. The International Freight Assistance Mechanism (IFAM) has underpinned a strong recovery in Tasmanian exports of perishable products, including seafood. COVID-19 has not disrupted sea-freight operations out of Tasmania, although transport costs have risen markedly.
Ten for Ten Blueprint to boost Thailand’s Ease of Doing Business rating
The Australian Embassy in Thailand has been working with the German, UK and US Embassies, as well as the respective Chambers of Commerce of the four countries (known as the Foreign Chambers Alliance), to improve the business environment in Thailand. While COVID-19 has presented significant economic challenges, the pandemic has also provided fresh impetus to examine new and more efficient ways of doing business. Working closely with business partners, the Embassies developed a blueprint of ten measures that, if implemented, could turbocharge Thailand’s post-COVID-19 economic recovery and possibly move Thailand into the top ten in the World Bank’s Ease of Doing Business index. The image below explains the ‘Ten for Ten’ in greater detail.