Trade Talk 14 September 2017
Regional Ministerial meetings advancing Australia's trade and investment interests
Australia's Trade, Tourism and Investment Minister Steven Ciobo and ASEAN-Australia-New Zealand FTA partners reviewed AANZFTA's achievements and discussed supporting regional growth during ASEAN-related meetings in the Philippines last weekend. Minister Ciobo pressed for successful commercial outcomes at a ministerial meeting on the Regional Comprehensive Economic Partnership and reinforced support for open markets at the East Asia Summit Economic Ministers Meeting. He also held talks with counterparts to take forward the Indonesia–Australia Comprehensive Economic Partnership Agreement and the Hong Kong–Australia FTA.
Media release: ASEAN-related Ministerial Meetings
Economic engagement with the Pacific
Delivering on a commitment to 'step up' Australia's engagement with the Pacific, the Prime Minister announced a series of practical initiatives to bolster regional cooperation on common security challenges and integrate Pacific Island economies more closely with Australia at the 48th Pacific Islands Forum meeting in Samoa last week. Prime Minister Turnbull also welcomed Vanuatu becoming the PACER Plus trade agreement's 11th signatory ahead of the meeting.
Media release: 48th Pacific Islands Forum, Samoa
Solid and more balanced growth for our economy
Net exports contributed 0.3 percentage points to Australia's GDP growth in the June quarter, according to National Accounts data for the quarter released last week. Following adverse conditions in the March quarter, exports recovered to grow by 2.7 percent, despite disruptions to coal exports associated with Tropical Cyclone Debbie. Over the year, exports rose 4.3 per cent, led by an 18.7 percent increase in rural exports and strength in service exports, particularly in education and tourism, which have grown on average by over 7 percent per annum for the past three years.
Media release: National Accounts – June Quarter 2017
Tourists stay longer and spend more
International visitors spent more in every state and territory to reach a record breaking $40.6bn in Australia in the year to June 2017, up 7 percent on the previous year, the latest International Visitor Survey released this week shows. Chinese visitor numbers and spend increased by ten percent to 1.2m and $9.8bn, while a record 706,000 Americans spent $3.8bn, up 14 and 4 percent respectively.
Australian Blockchain mission to China
Eighteen Australian start-ups and institutions are hoping to facilitate the global expansion of their expertise and products by participating in a Blockchain Mission to China organized by Austrade, in partnership with Standards Australia and the Australian Digital Commerce Association. Delegates will meet key influencers and potential business partners, and attend the 3rd Global Blockchain Summit 2017 in Shanghai.
Media release: Australian Blockchain mission to China
Efic reforms support more Australian exporters
Last week, Parliament passed legislative changes enabling Australia's export credit agency, Efic to lend directly to a broader range of SMEs, including tourism operators, online businesses, exporters of intellectual property and other related rights, and businesses engaged in overseas direct investment. The changes keep pace with Australia's export profile and will save businesses time and money. Efic may now also support onshore resource projects, and related infrastructure, where there is a demonstrated market gap in the availability of private sector finance.
Media release: Efic reforms create and protect Australian jobs
Media release: Efic mandate changes to drive trade and investment
The importance of trade: when your business succeeds offshore, so does Australia
This article, based on an interview with Lisa McAuley, CEO of the Export Council of Australia, addresses the many benefits to exporting, including increased sales revenue and profit, lowering risk to local business cycle fluctuations and greater innovation inspired by international competition.
Doors open on Philippines chapter of AustCham ASEAN
With a network of over 3,000 corporate members, AustCham ASEAN will highlight commercial opportunities and improve coordination of Australia's business interests in fast-growing Southeast Asia, Minister Ciobo said at the launch of the Chamber's Philippines chapter in Manila this week.
Media release: Boosting Australia-ASEAN business links in the Philippines
Tourism Australia's new board appointments
Minister Ciobo announced new appointments to the Tourism Australia Board of Directors this week. New Chair Bob East and Deputy Chair Anna Guillan AM are existing board members, while Bradley Woods and David Seargeant will fill two positions vacated by retiring members.
Media release: Tourism Australia Board Appointments
Did You Know?
Efic is helping Aussie SMEs go international, with almost 300 exporters receiving more than $500 million in support over the last four years.
Upcoming Trade Events
ACBC Event with Minister for Trade, Tourism and Investment
Sydney, NSW, 19 September 2017
The Australia-China Business Council's NSW Chapter will host Minister Ciobo for an event to discuss international trade and investment with Chapter President and former Trade Minister Craig Emerson followed by Q&A with the audience and an informal networking session.
Workshop: Accessing E-Commerce Markets
Cairns, QLD, 19 September 2017
Food Innovation Australia Limited (FIAL) and the Department of Industry, Innovation and Science have developed this workshop specifically for Australian food and beverage businesses looking at the international e-commerce market.
Speed Networking for International Business – UK
Melbourne, VIC, 21 September 2017
This ECA networking event for current and potential exporters will focus on doing business in and with the UK, and offers the chance to meet a range of export experts including various service providers and a business case study.