Trade Talk, 18 June 2015
Signature of the China-Australia Free Trade Agreement
Trade Minister Andrew Robb and Chinese Commerce Minister, Gao Hucheng, signed the China-Australia Free Trade Agreement yesterday, witnessed by the Prime Minister. Once in force, it will lock in existing trade and provide the catalyst for future growth across areas such as goods, services and investment.
The Trans-Pacific Partnership (TPP) Agreement will create significant new opportunities for Australian trade and investment that will enhance future economic growth and job creation. DFAT has released a document addressing common misconceptions regarding the TPP negotiations.
Chinese visitors to Australia expected to increase following pilot extended validity visa
Australia will benefit from increasing Chinese tourism through a new pilot 10 year visitor visa announced yesterday. "Increased visitor numbers in Australia translates into significant benefits for Australians" said Minister Robb. "China is our largest source of tourism, worth over $5 billion to the Australian economy."
Boost for Australia-US tourism
Qantas and American Airlines have announced an expansion to their relationship which will see the US carrier fly daily from LA to Sydney and Qantas restart direct flights to San Francisco. It is expected to boost tourism between the two countries, with US visitors already spending $2.6 billion in Australia each year.
The Global Economy in Transition
The World Bank Group's 2015 Global Economic Prospects report sees developing countries recording slower economic growth at 4.4% this year, growing to 5.4% in 2017. Developing countries were an engine of global growth following the financial crisis, but now they face a more difficult economic environment.
G-7 Leaders aim for TTIP Outline by year's end
Leaders from the G-7 countries agreed last week to accelerate negotiations for the Transatlantic Trade and Investment Partnership between the US and EU. Leaders agreed to an work towards an outline of such an agreement "as soon as possible, preferably by the end of the year."
"Decision time" on the Doha work programme
Director-General Roberto AzevÃªdo convened a meeting of all WTO members in Geneva yesterday to report on the current state of play in negotiations on the WTO Doha work programme. AzevÃªdo told members the priority over coming weeks was to make tough political calls in what he described as "decision time".
Did you know?
In 2013, the number of American visitors to Australia reached over half a million for the first time.