Trade Talk 18 May 2018
Trade, Tourism and Investment Minister's Visit to China
Steven Ciobo has made his 13th official visit to China in three years this week to advance preparations for Australia's participation in the China International Import Expo and attend Asia's largest food and beverage exhibition, SIAL China. Austrade representatives signed a Memorandum of Understanding with CIIE organisers for an Australian pavilion at the Expo.
2018 Foreign Affairs and Trade, Tourism and Investment Budget
Several new measures to support Australian trade, tourism and investment were announced as part of the 2018-19 Budget last week. New measures include a $15 million business engagement package to tackle non-tariff barriers to trade and increase the competitiveness of our service exports, and $45 million to encourage tourists from overseas to travel beyond the major cities.
Australia welcomes more than nine million tourists (photo)
According to new ABS data, Australia welcomed a record 9.02 million international visitors in the year ending March 2018, an increase of 7.7 per cent on the last 12 months, Minister Ciobo announced this week. Australia's landmark 'open capacity' aviation arrangement with China and the recent China-Australia Year of Tourism are driving growth from this key market.
Latin America Down Under
Assistant Minister for Trade, Tourism and Investment Mark Coulton delivered the keynote address at the annual Latin America Down Under Conference Ministerial Dinner in Perth yesterday. Australian mining, equipment, technology and services companies have innovative solutions for the region's mining sector, including expertise in remote mining, automation, digital data, community engagement, environmental management and mine remediation and closure.
WTO members voice concerns over rising trade tensions
Forty one developed and developing members of the WTO, including Australia, issued a joint statement on 8 May expressing concerns over rising trade tensions and risks of escalating protectionism. The statement calls on governments to refrain from protectionist measures and to resolve their differences through dialogue and cooperation, including through the WTO.
Growing trade and investment at Beef Australia 2018
An international delegation explored trade and investment opportunities at Beef Australia 2018 in Rockhampton last week. Representatives from major trading partners and emerging markets met Australian producers, suppliers and ag-tech companies and undertook site visits to various locations across the beef supply chain in New South Wales and Victoria.
Singapore's transformation program creates opportunities for Australia
According to Austrade, Singapore's S$4.5 billion Industry Transformation Programme offers strong opportunities for Australian business in six key sectors: manufacturing, built environment, trade and connectivity, essential domestic services, modern services and lifestyle. Austrade will support a number of upcoming trade events in Singapore, including Science Month and EduTECH Asia.
Investing in regional tourism
A new suite of marketing tools developed by Tourism Australia and Austrade will drive investment opportunities in Australia's regional tourism destinations. The tools provide a snapshot of key tourism information such as visitation, airport infrastructure, accommodation and the investment landscape for eight iconic regional destinations including Katherine, East Coast Tasmania and Canberra.
Australia's inward FDI stock surges in 2017
According to the ABS, Australia's inward foreign direct investment stock reached $849 billion last year, an increase of 7 per cent on the previous year and more than 50 per cent above 2011. Australia's economic resilience, together with its strategic location, increased global trade and investment ties, and business friendly environment continues to position Australia as an attractive investment destination.
Reserve Bank Outlook
In a speech on 15 May, Deputy Governor Guy Debelle reflected on global growth and its failure to accelerate. He attributed part of the responsibility for this to business and policy-makers characterising risks to the outlook as on the downside for the last number of years. He added that we may be close to a tipping point where the tendency for pessimism could swing to optimism.
Creating a Better Global Trade System
IMF Managing Director Christine Lagarde spoke about what she considered to be the key building blocks of better trade and adapting the multilateral system for the new era, in a speech in Oregon this week. She argued that making trade more inclusive was key to improvement, and that this challenge could only be addressed in a multilateral setting.
The Japan News: Australian Ambassador's tale
Australian Ambassador Richard Court spoke to The Japan News from the Australian Embassy in Tokyo about Australia's close and mature relationship with Japan, and his family's ties to the country stemming from the commencement of iron ore exports from Western Australian in the 1970s and 1980s.
New Consul General and Senior Trade Commissioner for Dubai
Ian Halliday has been appointed as the new Australian Consul-General and Senior Trade Commissioner in the United Arab Emirates, Australia's largest trade and investment partner in the Middle East. Mr Halliday's experience in the commercial food and agribusiness sector in Asia and the Middle East will benefit Australian exporters and assist foreign investors to identify opportunities in Australia.
Did you know?
Almost a third of Australia's total beef exports went to TPP-11 countries in 2017 ($2.4 billion, by value).
Upcoming Trade Events
Thailand Taking Off to New Heights
Brisbane, QLD, 22 May 2018; Sydney, NSW, 24 May 2018
The Thailand Board of Investment, in collaboration with PwC, is holding a seminar focused on opportunities available for Australian business about key 'rapid development' industries in Thailand, including biotechnology and higher education. The seminar will provide information about the support and incentives on offer.
ACBC Victoria: Austrade Update and the China Factor
Melbourne, VIC, 22 May 2018
Dr Stephanie Fahey, CEO of Austrade, will give a briefing to Australia China Business Council members on changes within Austrade and Austrade's China priorities.
Country-of-origin labelling to help drive sales
Webinar, 23 May 2018
This webinar is for Australian growers and manufacturers who want to market their products as authentically Australian, here and around the world. Simon Bracken, Marketing and Communications Manager for the Australian Made campaign, will discuss research including on policies and preferences for Australian-made products.
Observations from DFAT Secretary, Frances Adamson
Sydney, NSW, 13 June 2018
ACBC New South Wales will host Frances Adamson, Secretary of the Department of Foreign Affairs and Trade, to hear her observations about the Australia-China bilateral relationship and prospects for the future.