Trade Talk, 12 May 2016
Latest international investment figures released
Two-way investment between Australia and its international investment partners now exceeds $5 trillion. At the end of 2015 foreign investors held just over $3 trillion of stocks in Australia and Australian investors held more than $2 trillion of stocks abroad. The United States and the United Kingdom continued as our two largest investors as well as the two leading destination countries for Australian stocks held abroad.
Review of the Australian System of Tariff Preferences
The Department of Foreign Affairs and Trade has commenced a review of Australia's System of Tariff Preferences. This is the preferential tariff system that lowers tariffs for least developed and developing countries as a means to promote their exports and economic growth. A discussion paper has been published on the DFAT website and submissions to the review are open until July 15, 2016.
DFAT Discussion Paper
Gearing up for Trade
DFAT investments in trade facilitation have been effective in addressing capacity issues, have the potential to make significant impacts to poverty reduction, and contain many elements of good global practice, an Office of Development Effectiveness commissioned report found. Australia's trade facilitation investments have assisted partner countries in Asia and the Pacific to better integrate with regional and global economies.
Exports by State and Territory
Australia exported $318.7 billion worth of goods and services in 2014-15. Among the top three states were WA accounting for 36.7 per cent, or $117 billion, of exports; New South Wales accounting for 19.6 per cent, or $62.5 billion; and Queensland accounting for 18 per cent, or $57.3 billion.
Rise of the middle class consumers in Cambodia
Cambodia's economy is expected to grow by around seven per cent in 2016-17, demonstrating it is one of the strongest and most resilient performers in Southeast Asia. A factor underpinning the growth is demography. Read about it in the cables from post section of this month's business envoy.
FTA Portal wins kudos
The recently launched Free Trade Agreement Portal has been awarded Best Applications Development at the Australian Government ICT Awards. This online tool helps small and medium businesses take advantage of the free trade agreements Australia has with China, Japan and Korea.
Did you know?
Stocks of Australian investment across the EU totalled nearly $600 billion at the end of 2015, more than three times the value of a decade before.
Upcoming Trade Events
North Asia Free Trade Agreements Information Seminars
Pyrmont, NSW 17 May 2016
If you are a current or prospective exporter don't miss this free, interactive session which explains practical benefits your business could realise from Australia's historic FTAs with three of our largest export markets – China, Japan and Korea.
Australian Services Roundtable on Indonesia
Sydney, 27 May 2016
This event, in partnership with Norton Rose Fulbright, has been designed particularly for services firms.
ASR has assembled experts from government and business to bring you the latest market and business information. You will also hear about the status of our current trade negotiations.
Know-How for Inbound Tourism Excellence program
Broome, 26 May | Sydney, 7 June | Melbourne, 14 June 2016
A new program to help businesses connect with the $36.6b international tourism market has been launched by the Australian Tourism Export Council. The Know-How for Inbound Tourism Excellence or KITE program prepares tourism businesses for international readiness, providing market specific insights and specialist topic webinars. Visit the registration page to search for dates and locations.
Trade Articles sourced from non-Australian Government sources do not necessarily reflect the views of the Australian Government.