Trade Talk 13 September 2018
IA-CEPA a new chapter of economic partnership with Indonesia
Australia and Indonesia announced the successful conclusion of negotiations on the Indonesia-Australia Comprehensive Economic Partnership Agreement on 31 August. IA-CEPA will deliver preferential market access or duty-free trade status to over 99 per cent of Australian goods exports to Indonesia by value. Minister for Trade, Tourism and Investment Simon Birmingham said, "Indonesia is one of the largest economies in the world, and bolstering the economic ties between our nations will lead to even greater opportunities for Australian businesses".
AIIA: Indonesia: the best invitation we will get
With Australia the first country set to sign an FTA with Indonesia in a decade, the Australian Institute of International Affairs examines the opportunity Australia now has to build closer trade ties with an economy that could be three times bigger than our own by 2050.
New research confirms boost to Australian income and investment from TPP-11
Following the release of new modelling last week, Minister Birmingham underlined the importance of locking in the benefits of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (TPP-11) as soon as possible. The study forecast the TPP-11 Agreement, once fully implemented, would boost Australia's GDP by $15.6 billion, increase exports by $29.9 billion, and generate projected additional direct investment worth $7.8 billion.
Five reasons why the TPP-11 is a good deal for Australia
A recent DFAT blog article outlines why the TPP-11 is good for Australia. Obtaining new export opportunities, including in Mexico and Canada, and the potential for expanded TPP-11 membership to enhance the gains of founding members, are some of the benefits cited.
International trade on the G20 agenda
Ministers and senior officials from G20 member and guest countries are meeting in Argentina this week for working sessions on global supply chains and the agricultural sector, and the fourth industrial revolution. Topics that will be addressed include the need to promote further integration of SMEs in international trade, and opportunities posed by the digital economy and new technology.
Australian blockchain leaders head to China
Australian delegates have joined a mission to the Global Blockchain Summit in Shanghai this week. The 37 delegates range from top tier start-ups, scale-ups, venture capitalists, incubators and financial institutions. Australia is leading the development of new international blockchain standards.
International trade in goods and services, July 2018
Australian Bureau of Statistics' preliminary data shows that in seasonally adjusted terms, Australia recorded a trade surplus of $1.5 billion in July, a decrease of $386 million on the surplus in June 2018. While exports fell overall, metals and machinery were up $370 million and $35 million respectively over the month.
G20 trade in goods contracts in second quarter, 2018
After two years of consecutive growth, goods trade in G20 countries contracted by 0.6 per cent in the second quarter of 2018. Argentina (minus 19.9 per cent), Brazil (minus 9.0 per cent) and the United Kingdom (minus 6.9 per cent) recorded sharp contractions in exports, while China (minus 2.8 per cent) and the European Union (minus 1.9 per cent), experienced more modest declines. Exports rose in Australia, Saudi Arabia, India, the United States, Canada, and Russia.
Consultations on Australia-EU FTA
Do you have something to say about potential opportunities and impacts of an FTA between Australia and the European Union? We invite stakeholders to consider and comment on the commercial, economic, regional and other impacts that could arise. This information will assist the Government in determining Australia's key priorities as we negotiate the FTA. Written submissions can be a short email through to a more comprehensive analytical paper.
Change to Chinese issuing authority for Certificates of Origin under ChAFTA
From 20 August 2018, only the General Administration of Customs of the People's Republic of China (GACC) and the China Council for the Promotion of International Trade (CCPIT) can issue Certificates of Origin under the China-Australia Free Trade Agreement, although certificates issued prior to this date remain valid. Customs brokers and importers can email the Department of Home Affairs to check the validity of issuing authority stamps (email@example.com).
WTO Director-General urges Commonwealth to play full part in strengthening the multilateral system
Director-General Roberto AzevÃªdo underscored the importance of the Commonwealth remaining a strong advocate for the multilateral trading system at a meeting in Geneva this week. The grouping covers all continents, and countries of all sizes, that together export more than three trillion US dollars' worth of goods and services each year.
IMF: Steering the world toward more cooperation, not less
Economic inequality and declining shares of world trade are leading some in advanced economies to question the continuing benefits of international cooperation, according to the IMF. This blog argues that retreating from international cooperation risks recreating some of the conditions that gave rise to past crises, and would affect our ability to deal with the growing number of borderless challenges.
The global trading system and tariffs
This 'Debate Paper' by Alan Oxley and Stephen Kirschner from the United States Studies Centre argues we are not likely to see a radical reshaping of the global trade system, with the WTO remaining the 'bedrock' of global trade policy.
Did you know?
Around 30 disputes have been launched by WTO members this year so far – already the highest annual total for 16 years.
Upcoming trade events
Winning strategies for the future of Australian international education in China
Gold Coast, QLD, 18 September 2018
This Australia-China Business Council business luncheon will cover topics including the shifting educational landscape in China, how Australian education providers can develop stronger ecosystems for Chinese international students, and how Australian international education can remain competitive and relevant in the global market.
How can Tourism Research Australia help your business?
Webinar, 26 September 2018
This free seminar from Austrade will look at how TRA can help your business and is suitable for existing tourism businesses or those looking to join the tourism industry. Participants will learn about TRA and how to use its data and research to inform business and marketing decisions.
ABARES Regional Outlook Conference
Barossa, SA, 26 September 2018
This ABARES event will examine the key issues for agriculture through sessions on creating value in an increasingly connected world; technology: changing the way we do agriculture; and farming in a changing environment.
WTO Public Forum – Trade 2030
Geneva, Switzerland, 2-4 October 2018
The Public Forum is the WTO's largest annual outreach event. It provides a platform for students, academics, business people as well as parliamentarians and heads of states to debate a wide range of WTO issues and some of the major current trade and development topics. Registration closes 16 September 2018.