Trade Talk, 25 February 2016
Trans-Pacific Partnership Agreement (TPP)
Ms Elizabeth Ward, DFAT's First Assistant Secretary, Office of Trade Negotiations and TPP Chief Negotiator, delivered an opening statement to the Parliamentary Joint Standing Committee on Treaties Inquiry into the TPP on 22 February 2016. Ms Ward noted that the TPP represents the largest trade liberalising deal concluded anywhere in the world for over 20 years.
AUSBW will help build future growth in the US market
Senator Colbeck has been in the US this week for the Australia United States Business Week (AUSBW), leading major tourism events and promoting Australia as a holiday destination to North American travel buyers and tourism industry leaders. The US is currently our 4th largest inbound visitor market and is also the 3rd most valuable in terms of spending.
Services exports record strong growth
DFAT's latest statistical publication, Trade in Services Australia 2014-15, is now available and describes the composition and direction of Australia's services trade. The publication shows that Australia's services exports increased by 9.4% to $62.8b, with strong growth recorded in our three top services markets: China, the United States, and the United Kingdom.
Australian eggs now on sale in Taiwan
Austrade reports that over 21,000 Australian eggs from Queensland-based Sunny Queen Farms have been exported to Taiwan, a first for the industry. Demand for poultry eggs and egg products has increased in Taiwan and, along with Australia's reputation for high-quality and safe produce, this is creating new business opportunities for Australian exporters.
Why it's time for Africa to climb higher in global value chains
According to this article from the World Economic Forum, Africa accounts for 2-3% of the global trade in intermediate goods. However, the continent has the potential to further integrate itself into global value chains. The article explores issues such as labour costs, access to inputs and infrastructure and the role of the private sector and government.
New report lays out path for Vietnam to reach upper middle income status
The Vietnam 2035 report prepared jointly by the Government of Vietnam and the World Bank Group identifies reforms to help Vietnam grow its economy, become more equitable, and introduce modern governance. One area of focus is to improve productivity and private sector competitiveness, including use of existing major international trade agreements.
International students worth $30m a year to Queensland's public schools
Figures obtained by the ABC indicate that tuition fees alone, from overseas students attending Queensland public schools, total more than $30m a year. Principal Paul Bancroft from Cleveland State High School acknowledged there were also other benefits. "We learn about other students and their culture and they learn about our culture," he said.
Did you know…
Short-term visitor arrivals from Asia reached nearly 3.3 million in 2014-15. That's an increase of 10% compared to 2013-14!
Upcoming trade events
The China Update: Business Opportunities for Australia
8 March | 9 March 2016
In the lead up to Australia Week in China (AWIC) 2016, Austrade, the Australia China Business Council and PwC will be holding seminars across Australia on the opportunities for business engagement with China. The seminars will provide the latest information on China and the AWIC program from leading business and industry experts and government representatives. Places still available in Perth and Adelaide.
Efic National SME Briefings
2 March | 3 March | 10 March 2016
Have you registered for Efic's National SME Briefings? Hear from some of Australia's most innovative SME exporters and learn how Efic could help your business receive the finance it needs to achieve export success. Briefings are currently available in Melbourne, Perth and Brisbane.
Australia Week in China 2016
11-15 April 2016
AWIC 2016 will consist of trade, investment, education and tourism promotion events designed to highlight the commercial opportunities available in China. The program will feature trade and investment seminars, roundtables, site visits, product showcases and networking opportunities with Chinese business, industry and government.