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Trade Talk 14 November 2013

14 November 2013

Robb's visit to North Asia to focus on FTAs

Trade and Investment Minister Andrew Robb will visit South Korea, Japan and China from 14 to 22 November for negotiations on Free Trade Agreements (FTAs) with those countries. China, Japan and South Korea are Australia's top three export markets.

TM Media Release: FTAs major focus of Robb's North Asia visit

Further progress at the Fourth Round of Trade in Services Agreement (TiSA) negotiations

The US chaired the latest round of TiSA negotiations from 4-8 November. Progress was made on the text of the agreement and on new disciplines such as ICT, professional and financial services. The 23 parties held a session to update those interested in joining (China and Uruguay).

DFAT website: Trade in Services Agreement

Azevêdo: "The risk of failure is still present"

On November 12 WTO DG Roberto Azevêdo addressed the Trade Negotiations Committee on negotiations for a package for the WTO Bali Ministerial in December. He advised that there had been progress however said "the risk of failure is still present… we must tie the package up in the next few days".

WTO Speech: Azevêdo: "We are too close to success to accept failure but it is all or nothing now"

Second round of TTIP talks between the world's two largest economies

EU and US negotiators met on 11 November in Brussels for the first day of the second round of talks in the Transatlantic Trade and Investment Partnership (TTIP). The second round will cover a number of topics including investment rules, trade in services and regulatory coherence.

EU Press Release: Negotiators meet for the second round of Transatlantic Trade and Investment Partnership talks

The Transatlantic Trade and Investment Partnership (TTIP): Why does it matter?

This OECD report explains the significance of the TTIP. The report examines the potential benefits of the TTIP to trade and economic growth and explores how the TTIP will affect the multilateral trading system. If concluded the TTIP will cover 50% of world output, 30% of world merchandise trade and 20% of global FDI.

OECD Report: The Transatlantic Trade and Investment Partnership: Why Does it Matter?

Interactive infographic: Trade between US, Canadian and Mexican metro areas

The Brookings Institution has produced an interactive infographic analysing trade between metropolitan areas with over 100,000 people, in the US, Canada and Mexico. Metropolitan areas in these countries contain 77% of the total population but generate 86% of their combined GDP.

Brookings Institution: Metro North America: Metros as Hubs of Advanced Industries and Integrated Goods Trade

Did you know?

Parliament returns… When Australia's new Parliament House was opened in 1988 Australian total trade was valued at $110.8 billion (this compares to $623.8 billion in 2012). Our top three export destinations were Japan, the US and New Zealand (in 2012 they were China, Japan and South Korea).

Visit the DFAT trade portal for more on Australian trade, including FTA updates, trade statistics and more on Trade Talk.

Last Updated: 14 November 2013
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