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Trade Talk 26 July 2018

26 July 2018

India Economic Strategy

The Australian Government welcomed the release of 'An India Economic Strategy to 2035: Navigating from Potential to Delivery' last week. The report highlights that no single market over the next 20 years will offer more growth opportunities for Australia than India, and outlines ten sectors where Australia's competitive advantages match India's needs.

Media Release

India Economic Strategy

Trade, Tourism and Investment Minister's Visit to the United Kingdom

"Growing our trade and investment with the UK and attracting more British tourists to Australia will help drive economic growth and create new jobs," Minister for Trade, Tourism and Investment Steven Ciobo said ahead of a visit to the United Kingdom last week. At the inaugural Australia-UK Leadership Forum the Minister underscored Australia's intention that our bilateral relationship continue to be the strongest of economic partnerships in the years ahead.

Media Release

Speech

Advancing negotiations on Pacific Alliance FTA

Minister Ciobo met with counterparts from Mexico, Chile, Colombia and Peru at the Pacific Alliance Summit in Mexico to advance negotiations on the Pacific Alliance-Australia Free Trade Agreement. The Pacific Alliance trade bloc accounts for more than 50 per cent of Latin America's trade, presenting a huge opportunity for Australian exporters. The Pacific Alliance FTA will build on the opportunities created by TPP-11 and the Peru-Australia FTA. Ministers expressed their commitment to conclude negotiations this year.

Media Release

New accommodation data shows Australia's strong tourism performance

Gold coast beach and skyline

More travellers in Australia are checking into hotels, motels and serviced apartments, the latest Australian Accommodation Monitor reports. Occupancy rates averaged 75 per cent in 2016-17, an increase of 0.5 per cent on 2015-16. Accommodation takings also increased, with revenue per available room averaging $139 per night – 1.6 per cent higher over the same period.

Media Release

RCEP – Fifth Intersessional Ministerial Meeting

Ministers from the 16 Regional Comprehensive Economic Partnership Participating Countries attended the 5th RCEP Intersessional Ministerial Meeting this month in Tokyo. Ministers welcomed progress made by negotiators across all areas, and agreed to work with a greater focus on finding breakthroughs in negotiations. Ministers tasked negotiators to focus efforts on achieving a package of year-end outcomes.

Joint Media Statement

Trade, Tourism and Investment Minister visits Ireland

Minister Ciobo visited Dublin to meet Irish Government ministers – the first Australian trade minister to do so in more than 30 years. In 2017, two-way trade between Australia and Ireland was worth $3.5 billion.

Media Release

New website for Chinese business events in Australia

Tourism Australia has launched a redesigned version of its Chinese-language website for business events, to grow the number of international visitors travelling to Australia for business events. This segment was worth $4.75 billion to the Australian economy in 2017, through more than 1 million international visitors.

Media Release

World Economic Outlook July 2018

Ships loading cargo

According to the IMF's latest WEO released on 12 July, global economic expansion is becoming 'less even' amid mounting risks to the outlook. Advanced economies are expected to grow above trend at 2.4 per cent this year before easing to 2.2 per cent in 2019. The IMF warns that beyond its immediate toll on economic growth, the proliferation of trade measures could increase uncertainty about the potential breadth of trade actions, and hinder investment. It adds that higher trade barriers would make tradable goods less affordable, disrupt global supply chains, and slow the spread of new technologies which would have a detrimental effect on productivity.

WEO

IMF Blog

G20 acknowledges trade as a key engine of economic growth

G20 Finance Ministers and Central Bank Governors agreed on the importance of international trade and investment at their third meeting under the Argentinian Presidency last weekend. The communiqué issued at the close of the meeting acknowledges that international trade and investment are "important engines of growth, productivity, innovation, job creation and development." The document also states that member countries "are working to strengthen the contribution of trade to our economies."

G20

EU and Japan sign largest bilateral trade deal ever

Last week, European Council and European Commission Presidents Donald Tusk and Jean-Claude Juncker and Japanese Prime Minister Shinzo Abe signed the EU-Japan free trade agreement, which will create a trade zone covering 600 million people and nearly a third of global GDP. President Tusk said, "This is an act of enormous strategic importance for the rules-based international order, at a time when some are questioning this order. We are sending a clear message that we stand together against protectionism."

EU

Experts' report on future of global trade governance

WTO Director-General Azevêdo welcomed a report prepared by the independent High-Level Board of Experts on the Future of Global Trade Governance that outlines four complementary avenues to revitalise the WTO as a forum for trade cooperation and conflict resolution. DG Azevêdo said the report would make an important contribution to issues that are high on the agenda of the international community.

WTO

Business Envoy – ASEAN edition

Business Envoy logo

DFAT's latest edition of Business Envoy focuses on the ASEAN-Australia trade relationship, and features contributions from Australian heads of mission and Austrade representatives in ASEAN countries. The next edition in September will focus on the Republic of Korea.

ASEAN edition

Did You Know?

Almost one million Australians are employed in our $135.5 billion tourism industry.

Upcoming Trade Events

Free Trade Agreements Information Seminar – Melbourne

Melbourne, VIC, 30 July 2018

This seminar is an interactive session where you'll have the opportunity to hear directly from Government and Industry experts on the practical benefits of exporting and taking advantage of Australia's FTAs.

Register

Free Trade Agreements Information Seminars – Burnie and Launceston

Burnie and Launceston, TAS, 31 July 2018

These seminars are interactive sessions where you'll have the opportunity to hear directly from Government and Industry experts on the practical benefits of exporting and taking advantage of Australia's FTAs.

Register

India Road Infrastructure Technologies and Traffic Solutions

Virtual event, 31 July 2018

The rapidly growing vehicular traffic on Indian roads, the implementation of mass transportation systems, the need for collecting traffic data, controlling congestion on roads and enforcement of traffic rules have made Intelligent Transport Systems an integral component of the Indian traffic management scenario. This Austrade online seminar is for Australian businesses with capabilities in ITS, telematics, tolling; safety and security; mass transportation; and road construction and infrastructure.

Register

The Indo-Pacific: A Western Australian Perspective – Perth

Perth, WA, 7 August 2018

DFAT Secretary Frances Adamson provides insight into the role Western Australia can play in Australia's foreign policy approach to the Indo-Pacific region.

Register

Free Trade Agreements Information Seminars – Toowoomba and the Sunshine Coast

Toowoomba and Maroochydore, QLD, 7 and 8 August 2018

This third instalment will see our interactive seminar travel to South East Queensland. Participants will have the opportunity to hear directly from Government and Industry experts on the practical benefits of exporting and taking advantage of Australia's FTAs.

Register

Last Updated: 26 July 2018
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