Trade Talk, 28 April 2016
Preparing for an Australia-EU FTA
A key theme of Minister Ciobo's recent visit to Europe was to review preparations for future negotiations on an Australia-EU FTA. The EU is Australia's second largest trading partner and largest source of foreign investment. This relationship would be strengthened by an FTA which would open new trade opportunities, supporting future economic growth and employment generation. Australia and the EU are currently engaged in scoping out the negotiations.
Australia hosts regional free trade negotiations
Australia this week hosted in Perth, the 12th round of negotiations for the Regional Comprehensive Economic Partnership (RCEP), an FTA that brings together China, Japan, Korea, India, New Zealand and the 10 Member States of ASEAN. Minister Ciobo highlighted the potential for RCEP to add to regional prosperity, including by increasing opportunities for Australian firms to participate in regional supply chains.
Comprehensive Strategic Partnership with Singapore moving closer to conclusion
Special Envoy for Trade Andrew Robb is travelling to Singapore this week for the next phase of negotiations under the Australia-Singapore Comprehensive Strategic Partnership (CSP). The negotiations, which include a review of Singapore-Australia FTA, are moving towards a conclusion. Mr Robb expressed hope that this work would succeed in further integrating the two economies and build on two-way trade between our nations that, last financial year, was valued at $28.5b.
Trade in Services talks
Australia recently co-chaired Trade in Services Agreement negotiations in Geneva. Substantial progress was made in key areas notably financial services, telecommunications, temporary entry of business persons, transport and localisation (including local presence, senior management and board of directors, and performance management).
A new era of Japanese investment in Australia
As Japan begins deregulating its electricity and gas markets, it is anticipated that Japanese utility companies will look at acquiring new coal mine and LNG assets offshore to lock in long term supply. According to the ANZ, there is a 74% likelihood these utility companies will head to Australia for coal mine assets and a 40% likelihood for LNG assets.
World Bank Group and UNCTAD helping to boost investment and trade
The World Bank Group and UNCTAD have announced renewed cooperation to boost trade, growth and competitiveness in developing countries. The joint activities will be to strengthen services policy, increase transparency on non-tariff measures and streamline trade regulations, and provide support for the WTO's Trade Facilitation Agreement.
Tourism Australia teams up with GoPro to showcase Queensland's Gold Coast
The world's top extreme sport athletes will converge on the city of the Gold Coast in May for the annual 2016 GoPro Athlete Summit. This is a great opportunity for the tourism sector, with athletes showcasing their Australian experiences to fans worldwide, inspiring their audience to visit one of Australia's most iconic coastal destinations.
Crocodile Dundee anniversary to boost Kakadu tourism
Kakadu's tourism is expected to see a significant boost this April when the movie Crocodile Dundee celebrates its 30th anniversary. Coinciding with this anniversary, Tourism NT have launched a new campaign to highlight the unchanged unique landscape and attractions, hoping to inspire a whole new generation of Crocodile Dundee fans to head Down Under.
Did you know…
Australia and the EU have celebrated over 50 years of diplomatic relations. In 1962, Sir Edwin McCarthy, trade negotiator and diplomat, became the first Australian Ambassador to the European Economic Community.
Upcoming Trade Events
North Asia Free Trade Agreements Information Seminars
Marybrook WA & Adelaide SA 29 April | Hoppers Crossing VIC 10 May 2016
If you are a current or prospective exporter don't miss these free, interactive sessions which explain practical benefits your business could realise from Australia's historic FTAs with three of our largest export markets – China, Japan and Korea. Seminars also taking place in Yarraville, VIC, 11 May & Pyrmont, NSW, 17 May 2016.
Know-How for Inbound Tourism Excellence program | 27 April – 29 June 2016
A new program to help businesses connect with the $36.6b international tourism market has been launched by the Australian Tourism Export Council. The Know-How for Inbound Tourism Excellence or KITE program prepares tourism businesses for international readiness, providing market specific insights and specialist topic webinars. Visit the registration page to search for dates and locations.
Mexico Academic and Business Oil and Gas Mission | 9 – 13 May 2016
Austrade invites Australian businesses to participate in the first oil and gas mission to Mexico. This mission will give our oil and gas services, equipment and technology providers, and education providers, the chance to capitalise on opportunities in Mexico's oil and gas sector.
Trade Articles sourced from non-Australian Government sources do not necessarily reflect the views of the Australian Government.