Trade Talk 26 October 2018
TPP-11 to open new doors for Aussie farmers and businesses
Australian farmers, businesses and investors will get access to new markets across the Americas and Asia following the Australian Parliament's approval of legislation to implement the Comprehensive and Progressive Agreement for Trans-Pacific Partnership last week. The TPP-11 will enter into force 60 days after six signatories have ratified the Agreement. The passage of legislation brings Australia one step closer to being part of the first group of countries to ratify the Agreement. Mexico, Japan and Singapore have already completed their ratification. The TPP-11 will mean improved market access for Australian farmers, greater opportunities for our businesses, more jobs and increased investment.
Australia to join WTO government procurement agreement
WTO Agreement on Government Procurement (GPA) parties unanimously agreed last week to Australia's final offer to accede to the agreement after three years of negotiations. The GPA will give Australian goods, services and construction suppliers access to 47 government procurement markets worth an estimated $1.7 trillion. Australia will also gain access to the markets of future members, including China and Russia who are currently seeking to join.
Trade Minister's Visit to Canada and the United States
Minister for Trade, Tourism and Investment Simon Birmingham is visiting Canada and the United States this week. In Ottawa the Minister will meet ministerial and parliamentary counterparts and companies involved in bilateral trade to reinforce the importance of global trade rules. The Minister's visit to Washington will focus on promoting the interests of Australian businesses and advocating for a WTO-consistent resolution to trade tensions between the United States and China.
Sixth RCEP Intersessional Ministerial Meeting
Assistant Minister for Trade, Tourism and Investment Mark Coulton represented Australia at the Sixth Regional Comprehensive Economic Partnership Intersessional Ministerial Meeting in Singapore on 13 October. RCEP Ministers welcomed the intensification of market access negotiations, emphasising the need for further improvements, and noted progress in the negotiations of chapters on rules. Ministers urged parties to continue to exert all efforts towards meeting the targets set out in the package of year-end deliverables.
Australian Foreign Policy: Making the world work
Foreign Minister Payne spoke about shifts in the global balance of power and Australia's role as a catalyst for change in a speech to the 2018 Australian Institute for International Affairs National Conference last week. The Minister noted Australia would continue to play an increasingly active part in strengthening our region by taking and backing initiatives to support rules-based security and prosperity.
First shipment for Ichthys LNG project
The first shipment of liquefied natural gas from the INPEX-operated Ichthys LNG processing facilities left Darwin this week. Meeting with INPEX in Tokyo, Minister for Resources Matt Canavan said the project had an estimated 40-year operating lifespan and was the largest Japanese investment in Australian history. At peak production the project is scheduled to produce more than 10 per cent of Japan's current annual LNG imports, or around 8.9 million tonnes of LNG.
Trade is not the problem: WTO
As many as 80 per cent of jobs losses are a result of new technology not trade, WTO Director-General Roberto AzevÃªdo explained in a podcast recorded during the IMF-World Bank Annual Meetings last week. According to the Director-General, one key answer to how to spread the benefits of trade more broadly lies in expanding the engagement of small and medium sized enterprises, which are a major source of employment, in international trade.
Op-Ed: A decade of disruption comes home to roost
In an opinion piece published last week ahead of the APEC finance ministers meeting in Papua New Guinea, APEC Executive Director Alan Bollard drew on his experience as Governor of the New Zealand Reserve Bank during the Global Financial Crisis to warn of a risk of contagion stemming from the breakdown in trade talks and escalation of tariffs by the United States and China.
ABARES launches new series to broaden understanding of modern agriculture
ABARES' new series 'Insights' aims to promote national agricultural debate, public policy and community understanding. The first product in the series 'Snapshot of Australian Agriculture' lays out the framework for a broader awareness of the achievements and challenges underpinning modern Australian agriculture.
Did You Know?
The Ichthys LNG Project features the longest subsea pipeline in the southern hemisphere.
Upcoming Trade Events
Free Trade Agreements Information Seminars
Byron Bay, NSW, 7 November; Mt Isa, QLD, 8 November; Townsville, QLD, 9 November 2018
Find out about how you can take advantage of Australia's free trade agreements with China, Japan, Korea, Peru and the TPP-11 at these interactive seminars with government and industry experts. Assistant Minister Coulton will deliver keynote presentations in Byron Bay and Townsville.
Trade and Investment Queensland - Regional export workshops
Various locations, QLD, 31 October to 23 November 2018
The workshop series is delivered by TIQ and the Department of State Development, Manufacturing, Infrastructure and Planning and the Export Council of Australia. Topics to be covered include the benefits of going global, how to assess export readiness, and how to choose the right market.
WA-ASEAN Trade and Investment Dialogue - The Power of Proximity
University of Western Australia, WA, 16 November 2018
This event, hosted by the Perth USAsia Centre and the Government of Western Australia, aims to change the way Western Australia sees Southeast Asia. This public forum will feature senior government and business leaders from WA and the ASEAN region delivering presentations and participating in panels.
Space Commercialisation: Trade Mission to Houston and Los Angeles
Trade Mission, 25-30 November 2018
Austrade, together with the American Chamber of Commerce in Australia, is hosting a mission of Australian space companies to the United States in November. The purpose of the mission is to introduce Australian space organisations to the highly developed US space ecosystem. Interested companies are invited to contact Austrade.
ASEAN Tech Challenge
Sydney, NSW, 6-7 December 2018
Austrade, AirAsia, RedBeat Ventures and PETRONAS Technology Venture Capital will host the ASEAN Tech Challenge event – a unique platform for Australian start-ups and scale-ups to pitch solutions to prominent ASEAN and Australian based corporates and investors.