Trade Talk, 11 June 2015
Australia accepts WTO Agreement on Trade Facilitation
Australia formally accepted the World Trade Organization Agreement on Trade Facilitation last week. On full implementation, it is estimated it will increase global GDP by US$1 trillion per annum and create 21 million jobs. Australia is the seventh of the WTO's 161 Members to accept the Agreement.
OECD: Trade costs to drop under WTO Trade Facilitation Agreement
Implementing the WTO Trade Facilitation Agreement (TFA) could reduce worldwide trade costs by anywhere from 12.5% to 17.5%, according to new OECD analysis. The greatest benefits are expected to accrue in developing countries.
Australia leads APEC Funds Passport initiative for investors
An Australia-led initiative to make it easier for financial services professionals to market investment products is on-track for a launch in 2016. Once the passport is fully up and running, it could save the region's investors US$20 billion annually in fund management costs across the region.
UK cloud computing firm invests in Australia to pursue growth in Asia-Pacific
UK firm CloudSense has opened its first office in Sydney. The company will use its presence in Australia to pursue growth across the Asia-Pacific. CloudSense has experienced strong demand across the region from companies wanting to make changes in how they sell their goods and services.
Assistant Treasurer in Japan to further financial services trade
Assistant Treasurer Josh Frydenberg is in Japan this week, urging business leaders from both countries to use the recent FTA to increase engagement in financial services. The Japan-Australia FTA allows Australian financial services companies to supply services previously restricted to domestic institutions.
EU, Japan leaders pledge to speed up trade talks
Leaders from the EU and Japan agreed last week at a Tokyo summit to speed up the pace of their bilateral trade negotiations, underway since 2013. The leaders are pushing for a conclusion of negotiations by the end of the 2015. The two trading partners combined make up over a third of global GDP.
Did you know?
Did you know that the UK was our 3rd largest source of overseas visitors in 2014, accounting for almost 10% of all visitor arrivals!