Trade Talk, 29 October 2015
Trans-Pacific Partnership (TPP) Outcomes: Education and training services
The TPP provides a strong platform to expand Australian education and training services exports, including in South East Asian and Latin American markets. Australia's education-related travel services exports in 2014 were worth $17.0b, with exports to TPP countries accounting for 17.4% (valued at $3.0b).
TPP Outcomes: Professional services
The TPP has the potential to contribute to growth in Australian exports of professional, technical and other business services. Australian exports of professional, technical and other business services to TPP countries were valued at $4.7b in 2014, which accounted for 53% of total exports of these services (valued at $8.8b in 2014).
TPP Outcomes: Financial services
The TPP presents an important opportunity to increase Australia's financial services exports, and reduce the regulatory restrictions on Australian firms established in, or looking to enter, TPP countries. Total Australian exports of financial services rose to $3.3b in 2014, with exports to TPP countries accounting for 31% (or approximately $1b).
TPP Outcomes: Transport and logistics
The TPP will enhance the competitive environment for Australian transport and logistics services through the removal of key barriers, provision of more transparent and predictable operating conditions, and by locking in future market reforms in TPP countries. Australian transport and logistics services exports to TPP countries were valued at $2.8b in 2014, which accounted for 42% of total Australian exports of transport and logistics services (valued at $6.6b).
Training provider grants for SMEs on FTAs
Trade and Investment Minister Robb has launched a program designed to help SMEs capitalise on the opportunities created by Australia's free trade agreements with China, Japan and Korea. These markets already account for over half of our total goods exports and the training aims to expand the engagement of SMEs exporting to the region.
TIM Media Release: Government helping new exporters learn the tools of trade
India - Comprehensive Economic Cooperation Agreement (CECA)
Minister Robb visited India this week for discussions on the CECA negotiations. CECA aims to promote the increased trade of goods, services and investment flows between Australia and India. With a market of 1.2 billion people, Mr Robb said that India "presents enormous prospects for Australian exporters."
TIM Media Release: CECA talks and leadership dialogue focus of Robb's visit to India
WTO: Increasing global exports - World Trade Report 2015
This year's edition of the WTO's World Trade Report examines the full economic impact of the WTO Trade Facilitation Agreement (TFA). The report finds that estimates for annual world export growth could increase up to 2.7%, with global merchandise exports expected to increase by up to $1 trillion per annum.
Increased air routes to deliver more tourists
New Asian air routes will "open the floodgates" to more international visitors to Australia, with Melbourne, Cairns and Sydney to be the biggest beneficiaries of the surge in visitor capacity. Tourism Australia's John O'Sullivan said the extra capacity would mean strong growth in overseas visitors could continue into 2016.
Did you know…
Australia's exports of dried lentils to India were worth $52 million in 2014. That's over 70,000 tonnes of lentils, or 175 million bowls of dahl!
Upcoming trade events
North Asia Free Trade Agreements Information Seminars: NSW Ç NT | VIC
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 our three largest export markets – China, Japan and Korea.
Register: North Asia FTA information seminars
Free Trade Agreement Training Provider Grants
Free Trade Agreement Training Provider Grants are now open for applications. Visit the Austrade website for more information.
Austrade: FTA Training Provider Grant
Tourism Australia Industry Briefings: TAS | SA | NSW
Tourism Australia is holding its annual series of free industry briefings on latest market insights, business events activity and partnership opportunities. Briefings are currently scheduled for Hobart, Adelaide and Sydney in November 2015, with more to be announced.
Register: Industry Briefings and Webinars
Webinar: Business opportunities in Timor-Leste
On 10 November the Australian Embassy in Dili and Austrade will host a webinar on doing business in Timor-Leste. Register now for what will be a stimulating discussion on an emerging frontier market on Australia's doorstep. Follow the links below for more on doing business in Timor-Leste.