Trade Talk 22 March 2018
Enhancing regional collaboration to strengthen our security and prosperity
At the ASEAN-Australia Special Summit held in Sydney last weekend, ASEAN and Australia agreed to boost trade, investment and business links with new initiatives on smart cities, infrastructure development, economic policy cooperation and digital standards – and important new education exchanges – to shape our economic partnership for the 21st century.
Prime Minister's ASEAN-Australia Special Summit press conference
Prime Minister Malcolm Turnbull said leaders committed to deepen regional economic integration, expand trade, resist protectionism, and uphold the rules-based multilateral trading system. The Prime Minister also noted the very strong support around the table for a swift conclusion of the Regional Comprehensive Economic Partnership, which would ensure, on the back of the TPP-11 agreement, that the Indo-Pacific continues to be the fulcrum of open and free trade.
The case for open trade and investment
In a speech to the Foreign Correspondents' Club in Hong Kong, Minister for Trade, Tourism and Investment Steven Ciobo explained why Australia would continue to be a champion of free trade. Mr Ciobo said Australia would enlist the support of others in defence of economic openness, including young people, who he described as 'instinctive globalists' who know no other world than a globalised one.
G20 seeks to strengthen the contribution of trade to the world economy
The final communiqué of the first G20 Meeting of Finance Ministers and Central Bank Governors during Argentina's host year reaffirmed the role of international trade and investment as important engines of growth, productivity, innovation, job creation and development. The communiqué noted work was underway to strengthen the contribution of trade to the economy.
Australia's record trade in services
DFAT's 'Trade in Services 2016-17', released today, shows tourism, education and business services exports have pushed Australia's total trade in services to a new record high of $166 billion. Tourism exports increased 7.6 per cent to $37.2 billion, with visitor arrivals increasing by 9 per cent to 8.6 million. Education exports increased 15.8 per cent to $28.6 billion of which the largest component, education-related travel services, rose 16.1 per cent to $28.0 billion. Exports of business services rose 3.7 per cent to $19.4 billion, other personal travel rose 4.8 per cent to $21.7 billion and transport services increased 8.7 per cent to $7.5 billion.
New standards to drive digital trade
At the Special Summit, Australia and ASEAN committed to develop and adopt international standards for digital trade that will make it easier to do business, open up greater access to markets, and provide a more certain online environment between Australia and ASEAN's 600 million plus consumers.
Australian expertise for ASEAN's cities of the future
Minister Ciobo launched a new report to inform ASEAN's urban planners and developers of Australian capability across sustainable building design, materials, equipment, construction and management.
Capitalising on new and emerging 'Sunrise' industries in ASEAN
A new Data61 report profiles seven new 'sunrise industries' in ASEAN: digital infrastructure and connectivity; artificial intelligence; FinTech and RegTech; next generation energy storage and distribution; cyber-physical systems security; personal health and ageing; and high value nutrition.
Confidence rises for home-grown exporters
Efic's latest Australian Exporter Sentiment Study, a biannual survey of Australia's small to medium exporters, revealed confidence was 10 percentage points higher compared to the same time last year. In the February 2018 Index, almost half of the businesses surveyed said they expected to employ new staff during the next 12 months.
OECD sees stronger world economy emerging
Global economic expansion is strengthening as robust investment growth, an associated rebound in trade, and higher employment drive an increasingly broad-based recovery, the OECD reports in its latest Economic Outlook. The OECD forecasts 3.9 per cent growth in the global economy in both 2018 and 2019, a slight improvement since the last such forecast in November 2017.
Opportunities for Australian winemakers in India
In a country with a billion-plus population and 485 million people above the legal drinking age, India is a market with many opportunities for Australia's winemakers, according to Mark Morley, Trade Commissioner, Austrade India and Pakistan, and Bhavin Kadakia, Business Development Manager Food & Beverage, Austrade India.
Launch of the Boosting Business Events Bid Fund program
Australia's first federal government-funded business events bid fund will offer financial support to help secure events that will bring economic benefits to Australia. Minister Ciobo launched the $12 million program which will open for applications on 1 May.
Public consultations on FTAs
DFAT welcomes submissions on Free Trade Agreements from individual business people and interested groups including academics. DFAT is currently accepting submissions or comments on Australia's 10 FTAs in force, and others that are under negotiation or being considered.
ABF: partnering with industry to protect our border and the community
The Australian Border Force encourages companies operating in the international trade or transport sectors including customs brokers, freight forwarders, shipping companies, warehouses and depots, airlines and transport companies, to join its 'Border Watch' program and report any suspicious activity.
Did you know?
The IMF predicts that over the next five years, six of ASEAN's economies will grow faster than China and all ten will grow faster than the US and Europe.
Upcoming trade events
Food & Agribusiness: Updates from selected ASEAN markets
Webinar, 27 March 2018
This Austrade webinar will provide market snapshots, updates and insights from Singapore, Malaysia & Brunei, Indonesia and Vietnam in the lead up to Food & Hotel Asia (FHA) 2018.
India: Challenges and Opportunities
Perth, WA, 27 March 2018
Panellists at this Australian Institute for International Affairs (AIIA) event include Tom Calder, State Director Austrade (WA), and former Trade Commissioner New Delhi and Mumbai.
2018 China International Import Expo – Business Forum
Sydney, NSW, 28 March 2018
This Business Forum hosted by the China Chamber of Commerce in Australia and the Australia-China Business Council will highlight opportunities for Australian businesses at the China International Import Expo taking place in Shanghai in November, including practical tips on participation.
Business Strategies for the Indo-Pacific Era
Perth, WA, 6 April 2018
This event, co-convened by the Chamber of Commerce and Industry Western Australia, the Perth USAsia Centre, and AIIA, will focus on helping large and small businesses develop a comprehensive strategy to be part of the unprecedented economic rise of ASEAN, India and the wider Indo-Pacific region.
Doing Business in the UK: Opportunities for QLD Tech Companies
Brisbane, QLD, 12 April 2018
This TIQ and UK Department of International Trade event is targeted to Queensland tech companies, start-ups and exporters interested in the UK market. Speakers include Craig O'Kane, Director of FDI & Capital Investment at the British Consulate in Brisbane.