Trade Talk 23 January 2014
23 January 2014
Prime Minister and Trade Minister attend World Economic Forum
The Prime Minister and Trade Minister are attending the World Economic Forum in Davos, Switzerland. The Forum brings together 2,500 business and political leaders to discuss global issues. The Prime Minister will deliver a keynote address to outline Australia's approach to the Presidency of the G20.
PM Media Release: Attendance at the World Economic Forum
Report highlights Australia's strengths as investment destination
Trade and Investment Minister Andrew Robb has launched the 2014 Austrade Benchmark Report. The report presents Australia's attractiveness as a business and investment destination using innovative charts and info-graphics. With a GDP of US$1.5 trillion, Australia is the 12th largest economy in the world.
Austrade Report: Australia: Benchmark Report
IMF World Economic Outlook (WEO) update: 'Is the tide rising?'
Global economic growth picked up in the second half of 2013 according to the January update of the WEO. Growth was 0.1% stronger than anticipated in the October WEO. The increased growth is attributed to high inventory demand in advanced economies and stronger exports from developing economies.
IMF WEO Report: World Economic Outlook (WEO) Update
IMF Info-graphic: WEO update January 2014
OECD report: Export Restrictions on Raw Materials
Demand for non-renewable resources will rise over coming decades according to this OECD report. Mineral exporting countries are set to benefit (in particular those outside the OECD) but will need to put in place good governance and economic policies that avoid the 'resource curse'.
CER report: UK's EU membership boosts goods trade by 30%
The UK's membership of the EU boosts its trade in goods by around 30%. There is no evidence the UK's membership of the EU impedes trade with countries outside the bloc according to the Centre for European Reform (CER). 54% of the UK's goods trade is with other EU member states.
EU and China begin investment talks
The first round of negotiations for an EU-China investment agreement will take place in Beijing on 21-23 January. The agreement aims to ensure markets are open to investment in both directions by providing a simpler, secure and predictable legal framework to investors.
EU Press Release: EU and China begin investment talks
Did you know?
All eyes on Switzerland… As Tony Abbott and Andrew Robb attend the World Economic Forum in Switzerland it is worth noting that Switzerland was the number one source for imports of clocks and watches into Australia in 2012-13. Australia imported over 350,000 clocks and watches from Switzerland, valued at $284 million.