Trade Talk, 3 May 2018
Aid for trade commitment achieved
New aid for trade investments worth more than $6.5 million to help developing countries strengthen their engagement in global trade and improve livelihoods were announced by Minister for Foreign Affairs Julie Bishop and Minister for Trade, Tourism and Investment Steven Ciobo yesterday. The Ministers' joint statement outlined Australia's commitment to using aid to boost developing countries' participation in the global economy. Trade is a driving force behind the economic growth that is estimated to have lifted more than a billion people out of poverty in the Asia-Pacific region since 1990. Our aid for trade efforts cover regulatory reform and infrastructure and direct assistance to disadvantaged groups, such as the very poor in the agriculture sector and women entrepreneurs in developing countries. Australia has achieved its target of increasing aid for trade investments to 20 per cent of the total aid budget, far earlier than our 2020 deadline.
Trade Minister's economic outlook address
Minister Ciobo outlined how 200 years of economic relations between Australia and the United States has culminated in an economic partnership that has made a real contribution to our region's peace and prosperity. The Minister pointed to growth in two-way investment, the hundreds of thousands of jobs related to trade between our countries, and the Australia-United States Free Trade Agreement as evidence of the benefits of opening up to international trade and investment.
Australia welcomes US steel exemption
On 1 May, Prime Minister Turnbull welcomed confirmation from the President of the United States, Donald Trump that Australia will be exempt from its steel and aluminium tariffs. The Prime Minister and Trade Minister's statement says the exemption reflects the fair and reciprocal trade relationship Australia shares with the United States and underpins the unbreakable friendship between our two great nations.
Prime Minister's keynote speech in Berlin
We must actively defend, extend and augment the rules-based structures that have enabled peace and prosperity so far, Prime Minister Turnbull said in a keynote speech at the Konrad Adenauer Stiftung in Berlin last week. The Prime Minister said the European Union-Australia free trade agreement we're seeking will deliver for Australian producers and farmers, and signaled to Europe's agri-food sector the huge opportunity for expanded trade and investment with Australia.
Global Supply Chain contracts showcase Australian export success
The Global Supply Chain Program has recorded over $1 billion in contracts to date, Minister for Defence Industry Christopher Pyne announced last week. The Global Supply Chain Program, managed by the Centre of Defence Industry Capability, supports Australia's defence industry to grow and export internationally.
Services expansion of FTA Portal
DFAT's FTA Portal now offers Australians in services industries up-to-date guidance on selling to overseas customers, travelling overseas to supply services, and establishing a competitive global presence. Commitments from FTA partners in the architectural, engineering, legal, accounting, auditing and taxation sectors are now available within the Portal, with more sectors to be added by the end of June 2018.
Australia's International Business Survey 2018
Austrade is inviting Australian organisations undertaking international business activities to share their insights and experiences in this year's Australia's International Business Survey. The results will provide a deeper understanding of business, regulatory and market issues. Austrade's survey partners are the Export Council of Australia and the Export Finance and Insurance Corporation. The survey takes 20 minutes to complete and closes on 6 May 2018.
Applications open for Austrade's LATAM Passport program
Australia's best and brightest mining technology businesses can now apply for a position in Austrade's second LATAM Passport program. METStech Passport is the first of its kind between Australia and Chile. The program will send Australian startups to Chile and corresponding Chilean startups to Australia for an immersion in the mining tech and startup ecosystem. METStech Passport applications close on 27 May 2018.
Meeting of the Australia-UK Trade Working Group
The third meeting of the official-level Australia-UK Trade Working Group took place in Canberra on 19 to 20 April, with discussions held across a range of topics to help build a shared understanding of both countries' approaches and ambitions for the future bilateral trade and investment relationship.
Inaugural talks with Sri Lanka
Inaugural talks under the Trade and Investment Framework Agreement between Sri Lanka and Australia were held on 19 April in Canberra. This was the first bilateral discussion following the signing of the TIFA in Colombo on 2 November 2017, during a visit by Prime Minister Turnbull. Discussions included economic reform, market access and investment facilitation, and sector specific opportunities for investment in both countries.
New 'farm gate-to-overseas market' guide for Australian fruit and veg exporters
Australian fruit and vegetable exporters can now access advice on every step of the export journey in a single online guide launched by Minister Ciobo and Minister for Agriculture and Water Resources, David Littleproud this week. 'Fresh fruit and vegetable export requirements: A guide for Australian business' combines government and industry advice to help potential exporters expand their businesses.
International Trade Price Indexes, March
The Export Price Index rose 4.9 per cent in the March quarter 2018 the Australian Bureau of Statistics announced last week. The price movements of Australia's major export products all rose, including metalliferous ores and metal scrap, which increased 6.1 per cent as a result of purchases by Chinese manufacturers.
IMF: Trust and the Future of Multilateralism
IMF First Deputy Managing Director David Lipton talked about the erosion of trust in bedrock institutions, including the IMF, and the bearing this may have on the future of the global economy in a speech at the Eurofi High Level Seminar this week. He concludes that trust can be restored if we regain the sense that something concrete can be achieved by working together.
Did You Know?
Our $1.5 trillion investment relationship with the United States is Australia's largest, and supports around 472,000 jobs in both countries.
Upcoming Trade Events
Landing Pad Workshops
Sydney, NSW, 7 May 2018; Adelaide, SA, 8 May 2018; Perth, WA, 10 May 2018
Austrade's Sprint to Landing Pad half-day workshops will offer coaching and practical advice for emerging entrepreneurs looking to turn their early stage business into a functioning start up.
Launch to export: take your ideas global
Melbourne, VIC, 8 May 2018
IP Australia's inaugural IP Summit will offer expert advice, stories from successful start-ups, workshops on patents, trademarks, collaborating with experts and the initiatives available to help exporters.
Take advantage of Australia's trade deal with Japan
Cairns, QLD, 8 May 2018
The Queensland Japan Chamber of Commerce and Industry and the Chamber of Commerce and Industry Queensland are hosting this event for exporters and export-ready SMEs seeking to take the next step to become involved in international business with a focus on Japan.
ACBC Victoria: Free Trade - The Driving Force of the Global Economy
Melbourne, VIC, 10 May 2018
Free trade is vital to the strength of the global economy and the healthy flow investment around the world. The Australia China Business Council, in collaboration with the German-Australian Chamber of Industry and Commerce and the American Chamber of Commerce, is hosting this event with Andrew Mackenzie, CEO of BHP and President of the German Chamber as keynote speaker.
DFAT Early Market Engagement Information Session
Canberra, ACT, 11 July 2018
DFAT is holding a series of free information sessions on doing business with DFAT and the Australian Aid Program. The sessions will cover up and coming designs and tender opportunities. Commercial and other organisations and individuals involved in the delivery of DFAT-funded aid program activities are invited to attend.