Trade Talk 4 July 2013
4 July 2013
Trade in services agreement – public consultations in Sydney & Melbourne
Australia is participating in negotiations in Geneva on a plurilateral Trade in Services Agreement (TISA). Public consultations will be held at the DFAT offices in Sydney on 16 July from 10am-12pm and in Melbourne on 19 July from 10.30am-12pm. Stakeholders interested in the TISA negotiations are invited to participate.
Richard Marles appointed as trade minister
Australia has a new trade minister following Prime Minister Kevin Rudd's appointment of Richard Marles to the position. Mr Marles previously served as Parliamentary Secretary for Foreign Affairs (March 2012 to March 2013).
Media Release: Changes to the Ministry
4 in a row. Australia records another trade surplus
Australia has recorded its fourth consecutive monthly trade surplus. The May data reveals a seasonally adjusted surplus of $670 million led by a 3.6% increase in the value of exports. North Asian demand drove the increase, with goods' exports to Japan up by 14%, to Korea by 12% and to China by 10%. Imports for the month rose by 1.6%.
Media Release: Fourth consecutive monthly trade surplus
Pacific growth forecast lowered
The economic growth forecast for the Pacific region has been trimmed from 5.2% to 5% by the Asian Development Bank (ADB). The ADB cites the shrinking value of exports to one of the region's key markets, Australia, as a central factor for the revised forecast.
APEC: slower global trade requires new polices for growth
Slower growth in global trade will require APEC emerging economies to adopt new policies for growth, according to the APEC Policy Support Unit. The Policy Support Unit states that the combination of low domestic consumption and high reliance on export earning makes emerging APEC economies vulnerable to changes in trade growth.
Media Release: Subdued global trade requires new policies to sustain growth
Croatia joins EU and becomes member of WTO Government Procurement Agreement
Croatia has become member of the WTO Government Procurement Agreement following its accession into the EU on 1 July. Croatia has pledged to uphold the values of the Agreement including transparency, non-discrimination and procedural fairness as tools to achieve best value for money in the procurement of goods, services and public works.
Did you know?
28 reasons to celebrate. 1 July marks the accession of Croatia into the EU as its 28th member. The EU has grown from a 6 member community trading in coal and steel to a 28 member economic community with a common market for goods and services. In 2012 the EU accounted for 23.1% of world GDP and 13.2% of Australia's total trade.