Trade Talk 20 February 2014
Trade Articles sourced from non-Australian Government sources do not necessarily reflect the views of the Australian Government.
20 February 2014
Release of Korea-Australia FTA text
The full text of the Korea-Australia Free Trade Agreement (KAFTA) was publicly released on Monday and can be found at www.dfat.gov.au/fta/kafta. After full implementation, KAFTA will eliminate tariffs on 99.8% (by value) of Australia's exports. The Australian and Korean Governments are working to sign the Agreement as soon as possible. Korea is Australia's fourth largest trading partner.
TIM Media Release: Public release of Korea-Australia FTA text
Trade and Investment Minister visiting the Philippines and Singapore
Trade and Investment Minister Andrew Robb is travelling to the Philippines (with Foreign Minister Julie Bishop) and Singapore from 19-22 February for talks with government and business leaders. The visit will include a Ministerial Meeting in Singapore for the Trans-Pacific Partnership.
TIM Media Release: Visit to the Philippines and Singapore
Australian exporters benefit from strong resources demand from China
Despite a moderation in economic growth, China's resources and energy use maintained an upward trend in 2013 according to the Bureau of Resources and Energy Economics. In 2013, Australia increased its export volumes to China across most commodities, including exporting a record 442Mt of iron ore.
BREE Media Release: Rounding out a strong year for China resources demand
Asia-Pacific Economic Cooperation (APEC) turns 25
This year marks 25 years since the formation of APEC. "APEC has created a better life for its 2.8 billion people, making it easier to share products, services and technological progress" said China's Foreign Minister. APEC's economies account for about 40% of the world's population and half of global trade.
APEC News Release: APEC building on 25 years of progress
WTO DG presents first global-trade monitoring report to members
Trade growth projections for 2014 are "much improved and hovering between 4.0% and 4.5%"according to WTO Director General Roberto AzevÃªdo. However Mr AzevÃªdo's presentation also highlighted growing trade restrictions with "407 new restrictive measures reported during the review period".
Pacific Alliance announces tariff elimination deal
Members of the Pacific Alliance agreed to slash tariffs on 92% of products at a meeting in Colombia last week. The Pacific Alliance counts Chile, Colombia, Mexico and Peru as members, collectively covering 200 million consumers and accounting for 35% of Latin American and Caribbean GDP.
Did you know?
At the formation of APEC in 1989, Australia's two-way trade with the world was valued at $127 billion, with the 21 APEC members accounting for 64.3% of this trade. By 2012, Australia's two-way trade had grown to $624 billion, with APEC members accounting for 70.2%.