Trade Talk, 26 October 2017
Singapore Australia Free Trade Agreement
Bills enabling Australia to bring the Agreement to Amend SAFTA into force passed both houses of Parliament last week. The Agreement will enter into force when both Australia and Singapore have completed their domestic treaty processes. The amended SAFTA delivers big wins for Australia's services industries, with greater access for education, legal, financial and other professional service providers, and reduces unnecessary red tape for Australian exporters.
Future Investment Initiative in Saudi Arabia
Saudi Arabia's sovereign wealth fund is expected to substantially boost its level of outbound investment in coming years. Minister for Trade, Tourism and Investment Steven Ciobo attended the Future Investment Initiative in Riyadh this week to promote Australia as an investment destination to a global audience, including the leadership of regional sovereign wealth funds, global fund managers and major multinational companies.
Australia-Hong Kong Free Trade Agreement
Australia is seeking a modern agreement with Hong Kong, focused on securing significant access for our services exports which continue to be a key driver of the Australian economy, Minister Ciobo said. The Minister was in Hong Kong this week to further progress negotiations and to drive more tourism investment into Australia. Hong Kong is an important economic partner for Australia and is ranked eighth for Australian exports and fifth as a source of foreign direct investment.
Tourism investment pipeline valued at $37.8 billion
Australia had 204 projects in the tourism investment pipeline, valued at more than $37.8 billion in 2016–17, according to Tourism Research Australia's latest Tourism Investment Monitor. Investment remained strong in each of the three main sectors of arts, recreation and business services (83 projects), aviation infrastructure (19 projects), and accommodation (102 stand-alone projects).
Keynote address at the Australia-Fiji Business Forum
Stronger ties with the Pacific are among our highest priorities, Assistant Minister for Trade, Tourism and Investment Keith Pitt said in an address to the Australia-Fiji Business Forum. Noting that greater economic integration will promote economic resilience and improve livelihoods, the Assistant Minister said Australia would continue to advocate the benefits to Fiji of joining the PACER Plus trade agreement.
Visit to the Cook Islands
Australia's Minister for International Development and the Pacific, Senator the Hon Concetta Fierravanti-Wells, visited the Cook Islands this week. The PACER Plus regional trade agreement, which Australia and the Cook Islands have both signed, will play an important role in boosting economic development in the Pacific, Minister Fierravanti-Wells said.
Australia on show at largest business events expo
Minister Ciobo has led a delegation of 23 Australian tourism businesses to IMEX America, the country's largest business events trade show, to promote Australia as a business events destination. Business events visitors spend on average three times more than leisure visitors to Australia.
APEC Finance Ministers' Joint Statement on actions
APEC Finance Ministers agreed on a set of priority measures to be implemented over the next year to achieve strong, sustainable, balanced and inclusive growth. The measures, set out in a Joint Statement, include addressing long-term infrastructure investment, financial inclusion, base erosion and profit shifting tax measures, disaster risk financing and insurance.
Growing importance of services in global trade
The WTO is working to build a stronger trading system that supports the services industry and continues to promote growth, development and job creation, Director-General Roberto AzevÃªdo said at the Global Services Summit in Washington last week. Highlighting the sector's importance, he said services account for almost 50 per cent of world trade today, a greater share than either manufacturing or agriculture, which are more traditionally associated with trade.
North Asia FTA seminars help Australian businesses
Australian businesses are embracing the free national seminars explaining the benefits and opportunities created by free trade agreements with South Korea, Japan and China. "Participants say the seminars give them a good general understanding of a complex subject, providing valuable information and benefiting non-exporters, beginners and established exporters alike," Austrade's General Manager of Marketing, Communications and the Free Trade Agreements Program said.
Did You Know?
Since SAFTA entered into force, our bilateral trade relationship has grown by more than 80 per cent and bilateral investment has grown by more than 350 per cent.
Upcoming Trade Events
Free Trade Agreements Information Seminars
- South Geelong, VIC, 31 October 2017
- Ballarat, VIC, 1 November 2017
- Albany, WA, 6 November 2017
- Dalby, QLD, 13 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). Events are free of charge.
Introduction to Exporting Workshop – Lismore
Lismore, NSW, 1 November 2017
Designed for businesses starting out on the export journey and those looking to consolidate their export knowledge, this free workshop will provide expert tips on boosting your export capabilities. The workshop will cover tips for export planning by the Export Council of Australia and an export panel discussion featuring case studies.
Tourism Australia Industry Briefings
- Sydney, NSW, 9 November 2017
- Adelaide, SA, 10 November 2017
- Hobart, TAS, 10 November 2017
- Canberra, ACT, 17 November 2017
Tourism Australia's free of charge industry briefings will involve senior executives from Tourism Australia and State Tourism executives providing an update on current and future activity and sharing research and insights from key international markets.
Australia Korea Services Sector Promotion Forum
Brisbane, QLD, 13 November 2017
DFAT will host the 4th Australia Korea Services Sector Promotion Forum (SSPF) in Brisbane on 13 November, to complement the Joint Business Councils Meeting. The forum is an opportunity for services providers in Australia and Korea to engage with Government to explore recent regulatory developments. This year's discussion will use a case-study based approach to focus on enabling services in infrastructure development. Registrations welcome:
AKBC-KABC Joint Meeting
Brisbane, QLD, 12-14 November 2017
The 38th Joint Meeting of the Australia-Korea Business Council and the Korea-Australia Business Council will be held between 12 and 14 November 2017 in Brisbane. The Joint Meeting provides a forum for Australian and Korean senior business leaders and influencers to share insights on the growing business relationship between the two countries. Email email@example.com for more information.