Trade Talk 19 April 2018
China now Australia's largest source of tourists
China has overtaken New Zealand to become Australia's largest inbound visitor market for the first time, Minister for Trade, Tourism and Investment Steven Ciobo announced today. According to the ABS, 1.39 million Chinese visitors came to Australia in the year ending February 2018, an increase of 13.2 per cent. China has been Australia's most valuable inbound tourism market since 2011, with visitors spending a record $10.4 billion in the year ending December 2017.
Foreign Minister's La Trobe University lecture
Australia has benefited from the international rules-based order, both economically and through continued peace and stability in the Indo-Pacific region, Minister for Foreign Affairs Julie Bishop said in a lecture last week. The Minister concluded Australians should be optimistic about our future as an open liberal democracy and an open export-oriented market economy, but must be vigilant and continue to promote and advocate for these values and interests.
Putting Australia's cyber security on the global stage
A delegation of more than 60 cyber security industry leaders travelling to the United States this week will help put Australian expertise on the global stage, Minister Ciobo said. The companies will promote their products to investors and potential partners at the world's largest cyber security event, the RSA Conference, in San Francisco.
Update on the TPP
In a doorstop interview, Minister Ciobo said all TPP-11 members were focused on bringing the Agreement into effect as soon as possible, and had little appetite for meaningful or substantial renegotiation. The Minister said the TPP would open up markets for Australian exporters and drive economic growth and jobs.
Trade off to a strong start in 2018
The WTO forecasts strong merchandise trade volume growth of 4.4 per cent this year, followed by moderation to 4 per cent in 2019. Director-General AzevÃªdo said the forecasts did not factor in the possibility of a dramatic escalation in trade restrictions which would have global effects, with poor countries set to lose the most.
Liam Fox: Trade, growth and the Commonwealth
UK International Trade Secretary Liam Fox outlined proposals to strengthen the UK's post-Brexit trade relationships with Commonwealth partners, and its commitment to liberalise intra-Commonwealth trade and investment, at the Commonwealth Business Forum in London this week.
Xi Jinping's opening address at the Boao Forum for Asia
At the Boao Forum in Hainan Province last week, Chinese President Xi Jinping delivered a keynote speech announcing China would significantly broaden access to China's market for imported goods, create a more attractive investment environment and strengthen protection of intellectual property rights.
IMF's priorities for the global economy
IMF Managing Director Christine Lagarde outlined three priorities to guide policymakers in tackling the challenging medium-term outlook, in a speech in Hong Kong last week. She called for a redoubling of efforts to reduce trade barriers and to resolve disagreements without using 'exceptional' measures.
Observations about the Australia-China business relationship
In a speech to the Australia China Business Council, the Secretary of the Department of the Prime Minister and Cabinet, Dr Martin Parkinson, reflected on China as a leading example of the benefits of opening up to the world, noting both Australia and China had a stake in our mutual economic success.
Innovation the key to creating opportunities in ASEAN
As ASEAN continues to grow, its future holds even greater promise for Australian business, Daniel Havas, Senior Trade Commissioner, Austrade Malaysia, writes in this Insights blog. With its predominately young, growing and tech-savvy population, the ASEAN region offers significant opportunity for Australia in digital trade, in addition to traditional trading sectors such as food and agriculture and energy supply, which are undergoing their own tech disruptions.
Australian wine and food the toast of Vietnam during April
Australian wine, food, cuisine and culture are being showcased in Vietnam during April as it welcomes the third annual Taste of Australia event, the 'Food and Wine Journey', Minister for Agriculture and Water Resources, David Littleproud said this week.
Wine: one of our most successful exports
Wine Australia reports wine exports grew by 15 per cent in value to $2.56 billion in 2017, while volume grew to 811 million litres to reach a calendar year high. The top two export markets by value as at the end of last year were China, with 33 per cent of total export value, and the United States with 18 per cent.
Attracting Indian tourists to the Northern Territory
Tourism Research Australia, in partnership with Tourism Northern Territory, has released a new report into the opportunities presented by the growing number of Indian tourists visiting Australia. Key findings include the potential to entice more visiting Indian friends and relatives to travel to the Northern Territory.
Did You Know?
Under AANZFTA, the tariff on Australian wine exports to Vietnam will be reduced to 20 per cent in 2022. Under TPP-11, the tariffs will be eliminated over 11 years from entry into force.
Upcoming Trade Events
Free Trade Agreements Information Seminar
Broadbeach, QLD, 20 April 2018
Find out how you can take advantage of Australia's FTAs with a focus on Korea, Japan, and China and also new agreements with Peru and TPP-11 countries. Minister Ciobo will host this seminar, which is interactive with other government and industry experts, and free of charge.
Landing Pad Workshops
Brisbane, QLD, 2 May 2018; Melbourne, VIC, 3 May 2018; Sydney, NSW, 7 May 2018; Adelaide, SA, 8 May 2018; Perth, WA, 10 May 2018
Austrade's Sprint to Landing Pad half-day workshops will offer coaching and practical advice for emerging entrepreneurs looking to turn their early stage business into a functioning start up.
Effective capital strategies: Grow your business through investment
SA, TAS, VIC, WA, QLD, NSW; 8 - 31 May 2018
This masterclass workshop for companies growing in the Mining Equipment, Technology and Services (METS) sector is supported by AusIndustry – Innovation Programmes.
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 highlight Austrade's China priorities.