Trade Talk, 17 March 2016
Renewed commercial relationship with Iran
Minister Ciobo has announced that Australia will re-open a trade office in Iran. The recent lifting of sanctions unlocks new export and investment opportunities for Australian businesses in areas including mining equipment, services and agricultural commodities. With a GDP of around US$400b and a population of almost 80 million people, Iran has significant economic potential.
Visit by Indonesian Trade Minister to boost economic partnership
Minister Ciobo recently hosted Indonesia's Trade Minister, Mr Thomas Lembong, and discussed expanding our economic partnership and advancing the Indonesia-Australia Comprehensive Economic Partnership Agreement. Our two-way trade with Indonesia was valued at $14.8b in 2014-15 and two-way investment was worth $9.6b as at the end of 2014.
Australia-Singapore Ministerial Meeting
Australia will host the Singapore-Australia Joint Ministerial Committee this week, with discussions to include the Singapore-Australia FTA review. The review ensures that the FTA continues to deliver outcomes and assists in developing a closer economic relationship. Singapore is our 5th largest trading partner and 5th largest source of foreign investment.
AUSFTA Joint Committee Meeting – Call for submissions
The Australia-US FTA is one of Australia's longest-running FTAs and contains provisions for Joint Committee Meetings (JCMs). This allows the Australian and US governments to review the FTA. In preparation for the upcoming JCM, DFAT invites submissions on specific AUSFTA issues and its general function. Email: email@example.com by 7 April 2016.
WTO DG AzevÃªdo praises work of standards committee on reaching 500th trade concern
WTO members have raised the 500th specific trade concern during the recent Committee on Technical Barriers to Trade. WTO Director General, Roberto AzevÃªdo praised the work of the committee saying that the committee is a forum that is "essential to avoid concerns escalating into disputes and to keep trade flowing."
How FTAs have made Australia stronger
DFAT's Acting Deputy Secretary, Justin Brown, emphasised FTAs as an important tool for Australian exporters and investors during a recent Asialink business briefing. Mr Brown further highlighted the trade and investment agenda and our need to continue to be global leaders on trade. This ANZ article summarises the full presentation.
Did you know…
Australia's merchandise exports to Iran were worth around $115m in 2014-15. The top five exports were: wheat; wool and other animal hair; milk, cream, whey and yoghurt; medical instruments; and pharmaceutical products.
Upcoming Trade Events
North Asia Free Trade Agreements Information Seminars: VIC | NSW
21 March | 22 March | 23 March | 31 March 2016
If you are a current or prospective exporter don't miss these free, interactive sessions which explain practical benefits your business could realise from Australia's historic FTAs with three of our largest export markets – China, Japan and Korea. Visit Austrade's website for registration, further details and future seminar dates.
Australia Week in China 2016
11-15 April 2016
Australia Week in China 2016 will consist of trade, investment, education and tourism promotion events designed to highlight the commercial opportunities available in China. The program will feature trade and investment seminars, roundtables, site visits, product showcases and networking opportunities with Chinese business, industry and government.
Trade Articles sourced from non-Australian Government sources do not necessarily reflect the views of the Australian Government.