Trade Talk 23 November 2017
Launch of Foreign Policy White Paper
The Prime Minister, Minister for Foreign Affairs and Minister for Trade, Tourism and investment launched the 2017 Foreign Policy White Paper on 23 November. The White Paper delivers a comprehensive, long-term framework to secure Australia's future prosperity and security at a time of uncertainty and change. The Australian Government will extend its network of FTAs to cover more partners, including to ensure that by 2020 we have FTAs with countries that account for 80 per cent of trade, up from the current 64 per cent; implement a non-tariff measures strategy to better identify barriers to trade for Australian businesses and respond to them; and develop a stronger "nation brand" to market our commercial, educational and cultural credentials in a competitive global market.
Northern Australia Investment Forum
"Foreign investment not only provides essential capital, but it invariably brings with it new perspectives, other ways of doing things, new intellectual property and innovation which can greatly enhance productivity and return on investment," Minister for Trade, Tourism and Investment Steven Ciobo said at the second Northern Australia Investment Forum in Cairns that showcased investment opportunities and projects in the North across agriculture, resources and energy, tropical health and medical research, tourism and infrastructure.
Peru-Australia FTA to deliver jobs and growth
Australia has secured the best services commitments Peru has given any country, in the fastest free trade agreement Australia has ever concluded. PAFTA grants Australia market access at levels much greater than the proposed Trans-Pacific Partnership. Peru will now recognise Australian degrees, helping Australian universities attract more students, and Australian sheep meat, most wine and most horticulture products including almonds, kangaroo meat and wheat will receive immediate duty free access.
Joint Leaders' Statement on RCEP negotiations
The Regional Comprehensive Economic Partnership will improve living standards through supporting job generation, driving sustainable growth, fostering inclusive development and promoting innovation, according to a joint statement issued by leaders in Manila last week. The statement includes an outline of the agreement published without prejudice to the ongoing negotiations.
Investment Awards finalists announced
The five finalists for the Investment Award at this year's Australian Export Awards have been announced. Alibaba Group (Australia and New Zealand), Canberra Metro, NEC Australia, Neoen, the Bosch Group (Bosch) and The Yield were nominated by state and territory governments for making a long-term contribution to our economy. The 55th Australian Export Awards will take place in Canberra on 5 December 2017.
Consolidated cargo clearance now available to Trusted Traders
Trusted Trader importers or their licensed customs brokers can now lodge a single import declaration for consolidated cargo. This move is expected to reduce the number of import declarations by more than 10 per cent on average, and will result in lower import processing costs. The Australian Trusted Trader application form has also been completely redesigned to make filling it out quicker and easier.
Trade and income in the long run: Are there really gains, and are they widely shared?
This IMF Working Paper examines cross-country estimates to identify the causal impact of trade on real income over time. The Working Paper's results indicate that a one percentage point increase in trade openness raises real income per capita by between 2 and 5 per cent, and trade tends to reduce overall income inequality.
WTO: Global merchandise trade growth to moderate
The latest Word Trade Outlook Indicator prepared by the WTO suggests more moderate trade growth is to be expected in the final quarter of 2017, following stronger growth earlier in the year. The indicator is made up of several components, including export orders which remain above trend but have turned downward recently, suggesting trade growth will moderate in the coming months.
New Aid for Trade program to assist women entrepreneurs
A two-week training program for Pacific women entrepreneurs held in Brisbane and Sydney from 12-24 November has just been delivered by the Export Council of Australia, in partnership with the Department of Foreign Affairs and Trade's Aid for Trade and Australia Awards programs. The pilot built the trade knowledge and skills of 15 participants, and connected them to future commercial opportunities, including with Australian business. The course reflects DFAT's commitment to innovation, empowering women in developing countries and strengthening regional prosperity.
Did You Know?
In 2016, RCEP countries accounted for almost half of the world's population, 32 per cent of global output, around 27 per cent of global trade and 17 per cent of the global foreign direct investment inwards stock.
Upcoming Trade Events
Free Trade Agreements Information Seminar
Sale, VIC, 24 November 2017
Find out about how you can take advantage of Australia's North Asia Free Trade Agreements (FTAs) with China (ChAFTA), Japan (JAEPA) and Korea (KAFTA). This event is free of charge and run by experts from Austrade, DFAT and other relevant agencies.
North Asia FTA Training Session for SMEs: Cultural Awareness
Melbourne, VIC, 28 November 2017
This workshop on Negotiating Business in China aims to help with understanding the cultural differences in business to enable the development of successful relationships.
Australia - Champion of Free Trade
Perth, WA, 28 November 2017
This Committee for Economic Development of Australia (CEDA) event will launch its report on "Australia's Place in the World". It will explore the themes of the global economy, economic opportunities and challenges for Australia in the Indo-Pacific region and, with one in five Australian jobs dependent on trade, Australia's role as a champion of free trade.
Trade with the World's Third Largest Economy
Brisbane, QLD, 5 December 2017
Join the Queensland Japan Chamber of Commerce and Industry and the Chamber of Commerce and Industry Queensland for this webinar to receive specific advice on access to Japan, the world's third-largest economy, and how Australian exporters can benefit from JAEPA.
ASEAN-Australia Business Summit 2018 - SME Conference
Sydney, NSW 16 March 2018
Australian SMEs currently exporting to ASEAN or considering doing so are invited to register their interest in the ASEAN-Australia Business Summit 2018 SME Conference. The conference will bring together regional specialists, business leaders and successful exporters to share their knowledge and insights. Attendees will be able to tap into expertise and obtain advice about free trade agreements, government programs and trade facilitation services.