Trade Talk 22 November 2018
Australia and Hong Kong conclude FTA negotiations
Australia and Hong Kong announced the conclusion of negotiations on a free trade agreement on 15 November. Through the FTA, Australia has secured the best commitments on services that Hong Kong has offered to any country to date, as well as binding all goods tariffs at zero. Australian suppliers of education, professional, financial, transport, construction, tourism and recreational services will receive guaranteed certainty of access to the Hong Kong market.
Prime Minister's address to APEC CEO Summit 2018
At last weekend's APEC Summit, Prime Minister Scott Morrison spoke about the importance of defending the economic values of openness, and working in partnership, that have successfully lifted hundreds of millions of people out of poverty and created a more prosperous, stable, secure and peaceful region. The Prime Minister said Australia would continue to advocate for trade disputes to be resolved by negotiation, and work with like-minded countries to improve the WTO.
Global trading rules to defend the interests of Australian farmers
The Australian Government is taking action in the WTO on Indian sugar subsidies that have contributed to a significant downturn in world sugar prices. Australia's $2 billion sugar industry provides 40,000 direct and indirect jobs that support our regional communities. "We will support the right of our sugar industry to compete on equal terms and will utilise well established global trading rules to defend the interests of our farmers," Minister for Trade, Tourism and Investment Simon Birmingham said.
Report confirms benefit of PAFTA for Australian farmers, businesses
The Joint Standing Committee on Treaties released its second report into the Peru-Australia Free Trade Agreement this week, recommending binding treaty action be taken. The agreement builds on the significant gains in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (TPP-11) deal by phasing out a number of tariffs even faster, including on sugar and beef.
Trilateral Partnership for infrastructure investment in the Indo-Pacific
The leaders of Australia, Japan and the United States announced the signature of a new Memorandum of Understanding on infrastructure investment in the Indo-Pacific during APEC in Port Moresby last week. Under the MOU, the three countries will work together to mobilise private capital and deliver principles-based, sustainable infrastructure in the Indo-Pacific. The MOU will create opportunities for Australian businesses.
Australian Government endorses India Economic Strategy and agrees to initial measures
The Australian Government has provided in-principle support for the 20 priority recommendations contained in the 'An India Economic Strategy to 2035: Navigating from Potential to Delivery' report released in July. The Prime Minister said, as the world's fastest growing major economy, India offered more opportunity for Australian businesses in the next two decades than any other single market. Work will focus on greater economic engagement with ten targeted Indian states and ten key sectors, and practical support for Australian businesses entering, or expanding operations in, India. The Government has also agreed to an initial round of measures under an ongoing implementation plan. A full list of measures for the first 12 months can be found on DFAT's website.
New deal set to bring more Chinese tourists to Australia
Tourism Australia and China Eastern Airlines have signed a new Memorandum of Understanding to work together across a range of marketing initiatives aimed at attracting high-value first time and repeat travellers. The three-year partnership comes into effect in January 2019.
Australian company makes rapid inroads into India
Austrade's latest business profile added to its 'Success Stories' webpage is Australian cost management advisory services firm WT Partnership. The services firm's success in India has been built around its market entry strategy and careful targeting of customers. In just three years, the company has grown to employ almost 100 staff.
Positive economic report card from the IMF
Following a two week mission to Australia, the IMF has delivered a generally favourable preliminary assessment of the Australian economy and welcomed Australia's continued efforts toward further trade liberalisation and promoting the global multilateral trading system. The IMF's concluding statement highlighted the ratification of the TPP-11 agreement as a positive signal in a time of increasing global trade tensions and macroeconomic risks.
Australia is a 'top 20' country
In this website resource, DFAT has updated Australia's rankings as of November 2018 across a range of indexes including the economy, international trade and investment, global citizenship and governance and human development.
IMF Chart of the Week: grading the G20 on its growth goals
This IMF blog investigates how close the G20 has come to its goal of strong, sustainable, balanced, and inclusive growth. The IMF's 2018 report gives the G20 'good grades' on the short-term outlook, but notes the need to act now and together to sustain strong global growth over the medium term, to make it more balanced, and to ensure that it is more widely shared.
AIIA: The unlearned lessons of trade wars
Mark Beeson, Professor of Political Science and International Relations at the University of Western Australia and AIIA National Research Chair, looks back into history at the United States' trade war with Japan in the 1980s to draw parallels with challenges today.
The case for RCEP as Asia's next trade agreement
This East Asia Forum article by researchers Peter Petri of Brandeis University and Michael Plummer of Johns Hopkins University analyses the potential benefits of the Regional Comprehensive Economic Partnership.
Did You Know?
Australian exporters will benefit from free trade agreements with seven of our top eight export markets for goods and services once the Australia-Hong Kong FTA comes into effect.
Upcoming Trade Events----
Free Trade Agreements Market Entry Grant Information Session
Hobart, TAS, 23 November 2018
Austrade's Free Trade Agreement Market Entry Grant Information Sessions provide potential applicants the information they need to make an informed decision on applying for a grant. The sessions will also outline the types of information to include in applications.
ANU: IMF World Economic Outlook October 2018
Canberra, ACT, 27 November 2018
At this Crawford School of Public Policy, Australian National University event, Malhar Nabar, Deputy Division Chief of the World Economic Studies Division in the IMF's Research Department will discuss issues facing the global economy 10 years after the 2008 financial crisis.
ACBC Business Briefing with Austrade Senior Trade Commissioners in China
Brisbane, QLD, 28 November 2018
Two senior Austrade representatives from China, Daniel Boyer and Liu Bing, will present the 2018-2019 Austrade Business plan for China and address questions from members. Please note this is a member-only event.
Address by Foreign Minister Marise Payne
Sydney, NSW, 30 November 2018
The Minister for Foreign Affairs, Senator the Hon Marise Payne, will deliver an address to the Lowy Institute. Senator Payne was appointed Foreign Minister in August 2018.
Exporting to the US
Newcastle, NSW, 3 December 2018
This New South Wales Department of Industry Export Capability Program workshop aims to help new and aspiring exporters gain a better understanding of doing business with the United States and identify export opportunities.
AIBC WA: Roundtable Networking Event
Perth, WA 5 December 2018
The Australia Indonesia Business Council Western Australia, together with the WA Department of Jobs, Tourism, Science and Innovation, and the Consulate General of the Republic of Indonesia will jointly host this Asia Business Roundtable Series on Indonesia. Discussion topics include economic opportunities in Indonesia.