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Trade Talk 5 December 2013

5 December 2013

Breaking news: Australia concludes FTA with the Republic of Korea

The Prime has announced that Australia has concluded an FTA with our third largest export market, Korea. Minister Robb and Korean Trade Minister Yoon concluded negotiations earlier this week. Independent modelling shows exports to Korea will rise by 25% and create more than 1,700 jobs under the FTA.

Joint PM & TM Media Release: Australia concludes FTA negotiations with the Republic of Korea

Australia assumes presidency of the G20

On December 1 Australia assumed presidency of the G20 from Russia. Australia's G20 presidency will focus on economic growth, jobs and making the economy more resilient. Australia's presidency will culminate with the Brisbane G20 Summit, the most significant meeting of world leaders Australia has ever hosted.

PM Media Release: Australia assumes presidency of the G20

Minister participates in major trade forums in Bali and Singapore

The Trade and Investment Minister is participating in the 9th Ministerial Conference of the WTO in Bali this week. The Conference is the highest decision making body of the WTO and involves ministers from 159 member states. Following the Conference the Minister will attend TPP negotiations in Singapore.

TM Media Release: Robb to advance Australia's trade interests in Bali and Singapore

Minister pushes for Bali package which includes agriculture

Trade Minister Andrew Robb co-chaired the 38th Cairns Group Ministerial Meeting in Bali ahead of the WTO Ministerial Conference. At the meeting Mr Robb pushed for agricultural trade reform, saying "We (Australia) want a package that includes agriculture agreed at the Bali Ministerial Conference".

TM Media Release: Robb backs Australian agriculture at Cairns Group meeting

Major milestone for multi-billion-dollar foreign investment project

The multi-billion-dollar Sino Iron Project in WA has shipped its first consignment of iron ore concentrate. The project commenced in 2008 and during peak construction employed over 4,000 people. It will contribute tens-of-billions of dollars to Australia in export income and royalties.

TM Media Release: First CITIC shipment a major investment milestone

Resources and energy investment tapers as production set to boom

Australia is transitioning from the investment phase to the production phase of the resources boom according to BREE. Investment in resources and energy projects declined by $23 billion in the six months to October, however projects completed in the last 12 months will significantly boost production capacity.

BREE Media Release: Australian resources and energy production to boom

Korea, a possible addition to the TPP?

South Korea's Deputy Prime Minister has expressed interest in joining the Trans-Pacific Partnership (TPP). The entry of any new country to the TPP would be expected to occur following bilateral consultations and with the consensus of all current TPP negotiating parties.

USTR Media Release: Statement by USTR on Korea's Announcement Regarding the Trans-Pacific Partnership

Did you know?

G20 in the world… In 2012 the G20 accounted for 86% of global GDP, 76.2% of world trade and 64.6% of the world's population.

Visit the DFAT trade portal for more on Australian trade, including FTA updates, trade statistics and more on Trade Talk.

Last Updated: 5 December 2013
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