Trade Talk, 13 April 2017
Working with India for quality trade outcomes
Australian Prime Minister Malcolm Turnbull underscored the objective of securing the timely conclusion of quality Regional Comprehensive Economic Partnership negotiations during a visit to India this week. The Prime Minister said that progress on the Australia-India Comprehensive Economic Cooperation Agreement negotiations had not been as fast as either country would have liked and chief negotiators would schedule an early meeting to get the process moving. While in India, Prime Minister Turnbull also emphasised that the final agreement would need to provide additional benefits for Australians.
Prime Minister announces India Economic Strategy
Prime Minister Turnbull announced the Australian Government would commission an India Economic Strategy to provide a map to guide our partnership through to 2035 and cement India as a priority economic partner for Australia. Speaking at an India-Australia business gathering in Mumbai, the Prime Minister said the study would be led by former DFAT Secretary, former High Commissioner to India and current Chancellor of the University of Queensland, Peter Varghese.
Tapping into India's burgeoning economy
The latest edition of business envoy, focusses on India. Just over 25 years ago India was barely engaged in the global economy. Today, it is the world's fastest growing major economy and will become the third largest economy by 2030. Read more in this month's business envoy.
Successful conclusion of Australia-European Union FTA scoping exercise
Minister for Trade, Tourism and Investment Steven Ciobo announced the successful conclusion of the scoping exercise for an Australia-EU FTA this week. An FTA with Australia's second-largest trading partner and largest source of foreign investment has the potential to drive economic growth by opening up new export opportunities, enhancing investment flows, and removing trade barriers for businesses. The Minister said both sides would now work through their domestic processes to secure approval of a negotiating mandate.
Second round of FTA training provider grants awarded
Minister Ciobo announced the twelve successful recipients of the second round of Free Trade Agreement Training Provider Grants this week. These grants will fund training programs designed to help Aussie businesses boost their export capabilities.
Direct flights a boost for tourism and business
Assistant Minister for Trade, Tourism and Investment, Keith Pitt announced new direct flights would commence between Australia and Vietnam in May, promising to boost tourism and business opportunities in both countries. "The routes will build the rapidly growing Vietnamese tourism market, which has seen a 21 per cent increase in Vietnamese visitors to Australia in the past 12 months", Assistant Minister Pitt said.
Resources sector to stay strong in the wake of ex-TC Debbie
The resources industry is on track to deliver another record high, with export earnings from the sector set to reach $215 billion in 2016–17 and 2017–18. Minister for Resources and Northern Australia Senator Matt Canavan said the latest figures from the Resources and Energy Quarterly were good news for the industry, especially as it assesses the impact of Ex-Tropical Cyclone Debbie.
Wine Australia's United States market insights report
The USA Market Insights report on the world's largest wine market and largest wine importer (by value) notes the US is Australia's second largest wine export market, accounting for 21 per cent of total wine exports by both volume and value in 2016. Key US states importing Australian wine include California, New York, Illinois, New Jersey, Texas and Florida.
WTO-IMF-World Bank report: Making Trade an Engine of Growth for All
Trade leads to productivity gains and significant benefits for consumers, especially the poor, but can also be responsible for job displacement that must be addressed, economists from the World Trade Organization, the International Monetary Fund and the World Bank say in their report Making Trade an Engine of Growth for All released this week.
Australia and Mexico sign historic partnership in the energy sector
BHP Billiton and Mexico's national oil company, Pemex, signed a deal to develop deep-water deposits in the Gulf of Mexico. Since 2010 Australian investment in Mexico has risen from around $200 million to more than $6 billion including in roads, telecommunications, energy generation, education, industrial and commercial real estate, agriculture, health, mining, manufacturing and the digital economy.
Did You Know?
We love our chocolate. In 2016, Australia imported 36 tonnes of it, worth $309 million, from the European Union alone.
Upcoming Trade Events
Opportunities for the Australian Financial Services Sector in Asia
Melbourne, VIC, 19 April
This North Asia Free Trade Agreements Training Session will outline the improved market access opportunities arising from Australia's recent FTAs with Korea, Japan and China and the potential benefits for financial services companies seeking to expand in these fast-growing Asian markets.
Introduction to International Education and Free Trade Agreement Workshops
Brisbane, QLD, 21 April
This workshop offers international education providers a deeper understanding of international student environments. Sessions will include leveraging FTAs to create new opportunities and gauging export readiness.
ECA and KPMG roundtable discussion on Certificates of Origin
Sydney, NSW, 27 April
KPMG has been engaged by the Australian Government to explore options for streamlining the process for the issue and use of ChAFTA Certificates of Origin and Declarations of Origin. A roundtable discussion for interested businesses will be held to share their experiences and make suggestions.
Business SA Export Ready Program
Unley, SA, 27 April
This program has been developed specifically for South Australian businesses and covers the vital elements of exporting. Industry experts facilitate each session. The program also includes an export diagnostic review, as well as resources and tools to get businesses export ready.
ChAFTA Training Program
Logan, QLD, 28 April; Canberra/Queanbeyan, ACT/NSW, 2 May
With the help of a FTA Training Provider Grant, the Australia China Business Council and the Export Council of Australia are conducting a ChAFTA Training Program to train businesses on how to utilise ChAFTA and reap the benefits of a deeper engagement with China.
North Asia Free Trade Agreement Workshop
Midland, WA, 9 May
With the help of a FTA Training Provider Grant, the Chamber of Commerce and Industry of WA is offering this course on how West Australian businesses can use the China, Japan and Korean FTAs to improve their global competitiveness, gain significant price advantages on both imported and exported goods and receive preferential market access.