Trade Talk, 12 October 2017
Latest World Economic Outlook
The global upswing in economic activity is strengthening, with global growth projections revised upward to 3.6 per cent in 2017 and 3.7 per cent in 2018, according to the IMF's World Economic Outlook October 2017 released this week. Upward revisions to growth projections cover the Euro zone, Japan, China, emerging Europe, and Russia, and more than offset downward revisions for the United States, the United Kingdom, and India. While the stronger growth outlook is welcomed, medium-term risks remain tilted to the downside.
WTO Ministers' meeting in Morocco
Minister for Trade, Tourism and Investment Steven Ciobo discussed priorities and prospects for the 11th WTO Ministerial Conference with counterparts in Morocco this week, and underscored Australia will continue to seek liberalising outcomes in agriculture, services and e-commerce trade. At a meeting of the Cairns Group of agricultural exporting countries he pushed for progress towards levelling the playing field in international agricultural trade.
Joint Ministerial Statement on next steps in WTO agricultural reform
Despite major reform, there are significant – and in some cases growing – distortions in agricultural trade and existing rules are not sufficient to adequately discipline trade distorting subsidies, members of the Cairns Group and the European Union agreed in a Joint Statement – a first between these parties – issued earlier this week. The 11th WTO Ministerial Conference in Buenos Aires will be an opportunity to make progress on addressing this challenge, the Statement says.
Visit to Australia's largest Latin American trade partner
Minister Ciobo visited Mexico last week with a delegation of Australian business leaders from the resources, premium food and beverages, infrastructure, financial services, and education and research sectors. Australia's two-way trade in goods with Mexico was worth nearly $3 billion in 2016-2017, making it our largest merchandise trading partner in Latin America. Our investment has increased from $200 million at the start of the decade to almost $6 billion.
Public consultation on Australia's agricultural export legislation
The Department of Agriculture and Water Resources is improving the current agricultural export legislative framework. Exporters, industry, trading partners and members of the public may provide comment on the draft Export Control Bill 2017 and associated Regulatory Impact Statement until 24 October 2017.
International trade in goods and services August update
In seasonally adjusted terms, the balance on exports and imports for the month of August was a surplus of $989 million, an increase of $181 million on the surplus in July, the Australian Bureau of Statistics reported last week.
Landing Pad lifts off in San Francisco
Minister Ciobo announced six Australian cyber security startups: Cog Systems, Hivint, GoPC, Haventec, NetCrypt and SIEMonster, will have the opportunity to access business networks, mentors and ideas through the San Francisco Landing Pad's program to assist Australian startups in cutting edge industries, including services, to build new export market opportunities.
IMF: Time to Repair the Roof
Measured by GDP, nearly 75 per cent of the world is currently experiencing an economic upswing, meaning more jobs and improving standards of living in many places all over the world, IMF Managing Director Christine Lagarde said in a speech to Harvard focusing on the ideal timing of reform and benefits of international cooperation.
Did You Know?
Young people make up a quarter of Australia's international visitor arrivals. Over half of these are repeat visitors.
Upcoming Trade Events
FTAs and other issues for agriculture exporters
Live webinar, 18 October 2017
This free Freight & Trade Alliance webinar, delivered by Hunt & Hunt Lawyers, is for food and beverage exporters and will cover Rules of Origin and non-tariff barriers to trade. Recordings of previous events are available online.
Understanding FTAs and Understanding China
Adelaide, SA, 24 October 2017
This Business SA training session will be hosted by consultants with decades of experience in export industries and regional trade, and can answer any questions you may have about selling your products or services to a new market. The Australian Government has supported this event through the Free Trade Agreement Training Provider Grant Program.
Free Trade Agreements Information Seminar
- South Geelong, VIC, 31 October 2017
- Ballarat, VIC, 1 November 2017
Find out about how you can take advantage of Australia's North Asia Free Trade Agreements (FTAs) with China (ChAFTA), Japan (JAEPA) and Korea (KAFTA). Events are free of charge.
Asia-Pacific Regional Conference
Perth WA, 3-5 November 2017
Organised by the German-Australia Chamber of Industry and Commerce, this conference will be the largest gathering this year of business people and officials with an interest in trade between Germany and the Asia-Pacific region. Speakers will include key players from government and industry, with the conference to be opened jointly by Prime Minister Malcolm Turnbull and the President of Germany, Frank-Walter Steinmeier.
Tourism Australia Industry Briefings
- Sydney, NSW, 9 November 2017
- Adelaide, SA, 10 November 2017
- Hobart, TAS, 10 November 2017
- Canberra, ACT, 17 November 2017
Tourism Australia's free of charge industry briefings will involve senior executives from Tourism Australia and State Tourism executives providing an update on current and future activity and sharing research and insights from key international markets.
Focus on Australia-Korea services growth as business leaders meet
Brisbane, QLD, 12-14 November 2017
The Australia-Korea Services Sector Promotion Forum (SSPF) will be held in parallel with the 38th Joint Meeting of the Australia-Korea Business Council and the Korea-Australia Business Council in Brisbane, from 12 to 14 November. The SSPF and Joint Meeting provide a forum for Australian and Korean senior business leaders and influencers to share insights on the opportunities presented by the growing trade and economic relationship between the two countries. Email firstname.lastname@example.org for more information.