Trade Talk 11 October 2019
Report recommends ratification of Indonesia and Hong Kong trade agreements
A report released by the Joint Standing Committee on Treaties this week recommends the Australian Parliament take binding treaty action to ratify the Indonesia-Australia Comprehensive Economic Partnership and the Hong Kong-Australia Free Trade Agreement. Minister for Trade, Tourism and Investment Senator Simon Birmingham said the ratification of these agreements would make a major contribution to the economy and jobs by building on Australia's record export growth and trade surplus.
Better supporting Australian businesses to export to the world
The Australian Government has announced a review of the export market development grants scheme as part of its commitment to increase the number of Australian exporters and the total value of Australian exports. The review will include face-to-face consultations around Australia, as well a series of webinars and calls for online submissions. The review will report its findings to the Government by March 2020.
Transforming Australia into a major exporter of critical minerals products
A new report highlights the potential for Australia to become a major exporter of critical minerals products, to meet growing industrial and technology needs around the world. The 'Critical Minerals Supply Chain in the United States' report reinforces the need for Australia to continue to attract investment in high-value activities such as processing and manufacturing.
Surge in spend by American tourists in Australia
An increase in visitors from the United States has helped boost spending by international tourists (aged 15 and over) to a record $44.6 billion, according to the latest International Visitor Survey for the year ending June 2019.
World Bank: global value chains have spurred growth, but momentum is flagging
A new World Bank Group report – its first on trade since the late 1980s – concludes that in an era of slowing trade and growth, developing countries can achieve better outcomes for their citizens through reforms to boost participation in global value chains. Reforms can help them expand from commodity exports to basic manufacturing, while ensuring that economic benefits are shared more widely across society.
IMF: decelerating growth calls for accelerating action
In her first speech as Managing Director of the IMF, Kristalina Georgieva spoke about the slowdown in global economic growth in 2019, including the 'near standstill' in world trade. The Managing Director foreshadowed the next edition of the IMF's World Economic Outlook, due for release next week, would show downward revisions for 2019 and 2020.
A new platform for deepening economic ties: IA-CEPA
This report by Dr Poppy S Winanti and Kyle Springer of the Perth US Asia Centre looks in depth at the Indonesia-Australia Comprehensive Economic Partnership Agreement, including how it offers a platform to improve economic relations between Australia and Indonesia, and aims to create a combined 'economic powerhouse' in the region.
Seeking public submissions: Australia and Singapore Digital Cooperation Initiative
Australia and Singapore are undertaking a scoping study for a benchmark digital agreement. DFAT is seeking submissions from interested individuals and groups on deepening cooperation with Singapore on digital trade.
Did You Know?
Visitors from the United States spend on average $5221 per person per trip to Australia.
Free Trade Agreements Information Seminars – Brisbane, Daylesford and Beechworth
Brisbane, QLD, 25 October; Daylesford, VIC, 29 October; Beechworth, VIC, 30 October, 2019
Participants will hear directly from government and industry experts on the practical benefits of exporting and how to take advantage of Australia's Free Trade Agreements. Minister for Regional Services, Decentralisation and Local Government and Assistant Minister for Trade, Tourism and Investment, Mark Coulton, will deliver the keynote address.
Australia's Development Policy and Practice Masterclass for Indigenous Businesses
Canberra, ACT, 20 and 21 February 2020
DFAT is hosting a masterclass on Australia's Development Policy and Practice for Indigenous Businesses to demystify DFAT's requirements and expectations for the management and delivery of Australian aid.