Trade Talk 27 September 2019
Prime Minister's speech to the Chicago Council on Global Affairs
Prime Minister Scott Morrison spoke about Australia's place in the global economic landscape, and ensuring that Australia is well positioned to succeed in a rapidly changing global economy. The Prime Minister said it was important to demonstrate that we had not lost our collective ability to adapt our trading system to new realities, pointing to Australia's leading role in developing e-commerce rules at the WTO, and dividends of Australia's ambitious free trade agreement strategy, including the recent record trade surplus.
Visit to New Zealand to build closer regional economic and defence links
Minister for Trade, Tourism and Investment, Senator Simon Birmingham visited New Zealand in mid-September to advance the already strong trade and economic links between our two countries. The Single Economic Market initiative, which aims to create a seamless regulatory environment for business on both sides of the Tasman, has underpinned two-way trade in goods and services worth $29.3 billion, and two-way investment worth $143.8 billion in 2018.
CEDA State of the Nation Conference – Foreign Minister's speech
Minister for Foreign Affairs and Minister for Women, Senator Marise Payne, outlined the Australian Government's support for a rules-based international order, founded on values that enhance stability and prosperity for all. The Minister said Australia's core values, including fairness in trade, are good for business because they underpin the rules and norms that support a predictable business environment, and enable the conditions for long‑term prosperity.
Space Bridge to link Australia and UK space industries
Australia and the United Kingdom will strengthen industry ties through the formation of a Space Bridge to lay the foundations for future space-related trade opportunities. The Space Bridge will facilitate new trade and investment opportunities and the exchange of knowledge and ideas. It is a joint effort between the Australian Space Agency, UK Space Agency, Austrade, and the UK Department for International Trade.
RBA Economic Update
In a speech this week, RBA Governor Philip Lowe provided an update on the domestic and global economy. He said geopolitical concerns were creating a challenging international environment, with international trade recording no growth over the past year, and risks for the global economy remaining tilted to the downside.
New WTO indicator finds services trade weakening into second half of 2019
World trade in commercial services lost momentum through the second quarter of 2019 according to the WTO's new Services Trade Barometer. The index suggests services trade continued to face strong headwinds leading into the second half of the year. Despite the overall loss of momentum since the start of 2019, services trade has been stronger than goods trade over the same period.
Seeking public submissions: Australia and Singapore Digital Cooperation Initiative
Australia and Singapore are undertaking a scoping study for a benchmark digital agreement. DFAT is seeking submissions from interested individuals and groups on deepening cooperation with Singapore on digital trade.
Upcoming opportunity: implementation of the Southeast Asia Economic Governance and Infrastructure Facility
If approved, the Southeast Asia Economic Governance and Infrastructure Facility is expected to provide quick-response technical advice on infrastructure decisions to Southeast Asian governments, leading to longer term capacity building partnerships between Australian government agencies and their counterparts across the region. DFAT has prepared a briefing note for industry.
Did You Know?
A study by Accenture estimated digital commerce now drives 22 per cent of the world economy.
2019 Lowy Lecture: Prime Minister Scott Morrison
Sydney, NSW, 3 October 2019
The annual Lowy Lecture is the Lowy Institute's flagship event, at which a prominent individual reflects on Australia and the world.
Australia's Development Policy and Practice Masterclass for Indigenous Businesses
Canberra, ACT, 20 and 21 February 2020
DFAT is hosting a masterclass on Australia's Development Policy and Practice for Indigenous Businesses to demystify DFAT's requirements and expectations for the management and delivery of Australian aid.