Trade Talk 25 January 2018
TPP-11 agreement from officials from 11 countries
Minister for Trade, Tourism and Investment Steven Ciobo said officials from all eleven countries have agreed to proceed with the Trans Pacific Partnership in an interview with the ABC on 24 January. The Minister stressed the TPP-11 would be a trade deal between eleven economies representing around $13.7 trillion worth of economic activity and who account for nearly a quarter of Australian exports.
Japan – Australia cooperation
"APEC would not exist without the leadership of our two countries. The same will be true for the TPP," Prime Minister Malcolm Turnbull said in his address to the Japan-Australia Business Cooperation Committee in Tokyo on 18 January.
Third anniversary of Japan-Australia FTA
Under the Japan-Australia Economic Partnership Agreement, more than 97 per cent of Australia's exports now enter Japan duty free or under preferential tariff rates, and business is booming, Minister Ciobo said, marking the agreement's third anniversary on 15 January. Figures from the first three quarters of 2017 show the value of honey exports grew 66.1 per cent, mandarins grew 65.8 per cent, bulk wine grew 52.6 per cent and frozen beef increased by more than 32 per cent. The fifth round of tariff cuts will take place on 1 April 2018.
World Economic Outlook Update
"Global growth has been accelerating since mid-2016 and all signs point to a further strengthening both this year and next," IMF Managing Director Christine Lagarde said at the launch of the World Economic Outlook Update at the World Economic Forum in Davos this week. The report revises the forecast for world economic growth in 2018 and 2019 to 3.9 per cent – 0.2 per cent higher than the last forecast in October.
International trade in goods and services November
The Australian Bureau of Statistics' monthly trade data released on 5 January shows that, in seasonally adjusted terms, Australia's trade balance on goods and services recorded a deficit of $628 million in November 2017, an increase of $326 million on the deficit in October 2017.
Resources and energy exports setting records
According to the 'December 2017 Resources and Energy Quarterly', released by the Minister for Resources and Northern Australia Matt Canavan on 8 January, Australia's resources and energy export volumes are expected to grow at a robust pace over the next two years, driven by LNG and iron ore. Australia's resources and energy export earnings increased by 1.2 per cent to reach a record level of $52.5 billion in the September quarter of 2017.
Australian wine exports reach post-GFC high of $2.56 billion
Australian wine exports increased by 15 per cent to $2.56 billion in the 12 months ending December 2017, according to Wine Australia's 'Export Report' released this week. Exports to Northeast Asia were the main growth driver, with exports increasing by 47 per cent to over $1 billion for the first time, helped along by tariff cuts from the China-Australia Free Trade Agreement. However, the United Kingdom was the top overseas market by volume in 2017, with a 28 per cent share.
Robust growth in the value and production of Australia's fisheries and aquaculture industry
The gross value of Australian fisheries and aquaculture production increased by 9 per cent to $3 billion in 2015-16, according to the 'ABARES Australian fisheries and aquaculture statistics 2016' report released in December. The fisheries and aquaculture industry is seeing increases in export values, up 7 per cent to $1.5 billion.
Argentina's Renewal: Capitalising on reform in South America's second-largest economy
The Export Council of Australia, in conjunction with Austrade, recently launched a new report that highlights opportunities for Australian companies in a modernising Argentina. The report, 'Argentina's Renewal: Capitalising on Reform in South America's Second-Largest Economy', complements the Australian Government and ECA's efforts to promote Australia-Latin America trade ties.
China-Australia Year of Tourism survey
The China-Australia Year of Tourism in 2017 celebrated the close relationship between the two countries and recognised the importance of the China market for Australia's tourism industry. Now that the celebrations have come to an end, the Australian Government is seeking feedback from Australian industry about the year. There are 15 questions and the survey takes about five minutes to complete. Make sure your voice is heard by completing the survey before Friday 16 February 2018.
Promoting tourism exports on social media
The number of followers of Tourism Australia's social media accounts has grown by over 900,000 in the last 12 months, keeping Australia ahead of rival travel destinations like the United States (6.4 million Facebook fans), Great Britain (3.3 million Facebook fans) and New Zealand (2.8 million Facebook fans).
Did You Know?
Every dollar spent on tourism generates 81 cents in other parts of the economy, more than across the mining, agriculture and financial sectors. Of this, 43 cents in every dollar spent in tourism goes to regional Australia.
Upcoming Trade Events
Aid for Trade in Asia and the Pacific
Canberra, ACT, 12 February 2018
International trade has lifted more than a billion people out of poverty and driven economic growth in the Asia Pacific since 1990. Aid for Trade helps developing economies maximise the benefits of trade liberalisation. This ANU Crawford School of Public Policy public seminar will launch two recent Asian Development Bank reports, 'Aid for Trade in Asia and the Pacific' and 'Trade Facilitation for a More Inclusive and Connected Asia and Pacific Region'.
Workshop: doing business in the US for Victorian technology companies
Melbourne, VIC 15 February 2018
Trade Victoria is holding a half day workshop for Victorian digital technology companies seeking to tackle the US market for the first time, or who are looking to grow their business and enter the market, or expand existing activities in the region. This workshop is free of charge. Registrations are due by 9 February.
Doing business in the United States
Sydney, NSW, 21 February 2018
NSW Trade & Investment is co-hosting a United States market entry event aimed at providing essential information to companies looking to expand into the US. The event will feature a panel of experts and companies that have experienced the pitfalls and successes of expanding into a new market. This event is free of charge.
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. Registration closes on Wednesday 14 February 2018, or earlier if capacity is reached.