Trade Talk, 30 March 2017
Second generation of China-Australia FTA
Australia and China have agreed to commence reviews of the services and investment elements of the China-Australia Free Trade Agreement and the Investment Facilitation Arrangement Memorandum of Understanding by the end of the year, Minister for Trade, Tourism and Investment Steven Ciobo announced last week. Following these reviews, Australia and China will work together to further reduce barriers to trade in services, agree on additional protections for investors and open up new commercial opportunities.
Joint statement to grow agricultural trade with China
A new agreement with China signed during the visit of Chinese Premier Li Keqiang last week will significantly improve two-way agricultural trade, particularly for Australian meat exports, and promote food security and safety. The Joint Statement on Enhancing Inspection and Quarantine Cooperation between Australia and the People's Republic of China is estimated to be worth in excess of $400 million a year for Australia's meat industry and will boost regional jobs.
National Visitor Survey 2016 released
Spending by international and domestic visitors grew by $5.6 billion last year, with spending by Australian and international tourists exceeding $100 billion for the first time, Minister Ciobo said when releasing the 2016 National Visitor Survey this week. The report shows Australian visitors spent $61 billion while the recently released International Visitor Survey showed international visitors spent $39.1 billion over the same period.
Global Heads of Mission Meeting
The Global Heads of Mission Meeting, held from 28-30 March in Canberra, was the first time Australian ambassadors, high commissioners and consuls-general have met to discuss foreign, trade and development policy objectives and the global environment. They made a direct contribution to the formulation of the Foreign Policy White Paper that will define how Australia maximises our engagement with, and influence in, the world to advance our national interests. After the Canberra meeting, they will travel to state and territory capitals, and regional and rural Australia, to meet business and community groups, explain how the work done overseas delivers benefits to all Australians and seek feedback on how DFAT can better serve the community.
Trade is responsible for prosperity
Visiting UK international trade expert, Professor of Economics at the University of Sussex Alan Winters, reinforces why trade is good for the world's economies and discusses why rising protectionism threatens continued prosperity, in this interview with Amanda Vanstone on Radio National.
Did You Know?
The level of Chinese and Australian investment in each other's country is roughly similar, with ABS figures showing $75 billion worth of Chinese investment in Australia and $70 billion Australian investment in China in 2015.
Upcoming Trade Events
Free Trade Agreements Information Seminar
Brisbane, QLD, 3 April
Find out how you can take advantage of Australia's FTAs with China, Japan and Korea at these interactive seminars involving a keynote speech by Minister for Trade, Tourism and Investment Steven Ciobo.
ChAFTA Training Program
Coffs Harbour, NSW, 4 April; Darwin, NT, 11 April
With the help of a Free Trade Agreement Training Provider Grant, the Australia China Business Council and the Export Council of Australia are conducting a ChAFTA Training Program on how to utilise ChAFTA and reap the benefits of a deeper engagement with China. A similar event will take place in Darwin on 11 April.
Introduction to Services Exporting Workshop
Sydney, NSW, 6 April
NSW Trade and Investment is conducting an Introduction to Services Exporting workshop in Sydney. The workshop is designed for businesses starting out on the export journey and those looking to consolidate their export capacities.
Free Trade Agreements Information Seminar
Wangaratta, VIC, 11 April; Albury, NSW, 12 April
Find out how you can take advantage of Australia's FTAs with China, Japan and Korea at these interactive seminars involving an address by Assistant Minister for Trade, Tourism and Investment, Keith Pitt.
Opportunities for the Australian Financial Services Sector in Asia
Melbourne, VIC, 19 April
This North Asia Free Trade Agreements Training Session will outline the improved market access opportunities arising from Australian recent FTA's with Korea, Japan and China and the potential benefits for financial services companies seeking to expand in these fast growing Asian Markets. It will also provide an update of the Asian Regional Funds Passport and the proposed Government FinTech regulatory `sandbox' initiatives to support industry development.