Trade Talk 5 July 2019
2019 Osaka G20 Leaders' Summit
G20 Leaders, including Prime Minister Scott Morrison, met in Osaka, Japan on 28-29 June 2019 and united their efforts to address the major global economic challenges including fostering global economic growth and harnessing the power of technological innovation, in particular digitalization. Leaders reaffirmed support for the necessary reform of the WTO and agreed action was required regarding the functioning of the dispute settlement system, consistent with the rules as negotiated by WTO members.
Prime Minister's 'Where We Live' Address
In a speech in Sydney on 26 June, Prime Minister Scott Morrison outlined Australia's role in fostering an open, inclusive and prosperous Indo-Pacific consistent with Australia's national interests. The Prime Minister said Australia had much to contribute and much to gain from our shared region's future. Australia would continue to embrace free trade and the international rules-based system and work with the United States, Japan, Indonesia, China, the European Union and others to reform international institutions, including the WTO.
Trade Minister Speech: Australia China Business Council networking day
In a speech to the ACBC networking day in Canberra on 26 June, Minister for Trade, Tourism and Investment Simon Birmingham said Australia and China were embracing mutually-beneficial cooperation based on the economic complementarities that make us natural trading partners. The Minister said two-way trade was diversifying and had grown by around 42 per cent since the China-Australia Free Trade Agreement came into force in 2015.
Strong support for free trade in Australia
According to this year's Lowy Institute Poll released on 26 June, support for free trade in Australia has continued to rise with 75 per cent of respondents saying free trade contributed to their standard of living, up eight points since 2017. Support for globalisation fell marginally with 72 per cent of respondents saying globalisation was 'mostly good', down six points from 2017.
Record monthly trade surplus in May
Australia's monthly trade balance reached a record surplus of $5.7 billion in May, surpassing the previous monthly record of $5.4 billion in February, according to data released by the Australian Bureau of Statistics this week. Australia's five largest monthly trade surpluses were all recorded this year.
Australia's resource and energy exports continue to set records
According to the June 2019 edition of Resources and Energy Quarterly compiled by the Office of the Chief Economist in the Department of Industry, Innovation and Science, income earned for Australia from exports of resources and energy was reaching record highs, with estimates of $275 billion in earnings in 2018-19, and $285 billion in 2019-20.
2019 Australian Export Awards
Nominations for the 57th Australian Export Awards are now open. The Awards will be judged at the state and territory level during September and October, with winners progressing to the National Awards Ceremony at Parliament House in Canberra on 3 December. The 13 national awards categories include agribusiness, food and beverages; professional services; creative industries; regional exporter; and small business.
Expressions of Interest – Sponsorship of Australian Pavilion at Expo 2020
DFAT is offering corporations and institutions the opportunity to partner with the Australian Government as official Sponsors of the Australian Pavilion at Expo 2020. The expo presents a unique opportunity for Australian companies to showcase their expertise and form international partnerships while engaging a global audience.
Austrade Insight – Australian virtual reality a real-world success in North Asia
Australian expertise in virtual reality and augmented reality (VR/AR) was on show at Asia's leading VR/AR event in Seoul recently. Ten Australian companies showcased their content at an Australia Pavilion organised by Austrade in partnership with the state governments in New South Wales, Queensland and Victoria. Some members of the delegation also visited Japan and Taiwan for further showcases.
DFAT's iSAY essay competition extended until 12 July!
DFAT's essay competition is open to students in years 11 and 12 and Australian and ASEAN university undergraduates. The high school essay topic draws out the local benefits that come from trade. The university topic focuses on trade between Australia and ASEAN and celebrates the Australia now ASEAN year. Entries now close 12 July.
Did You Know?
Australian businesses that export hire 23.8 per cent more staff, pay 11.5 per cent higher wages, and generate 13 per cent more labour productivity than non-exporting businesses.
AIBC VIC: IA-CEPA Briefing Event with DFAT
Melbourne, VIC, 12 July 2019
DFAT and the Australia Indonesia Business Council are offering a briefing and update on the recently signed Australia–Indonesia Comprehensive Economic Partnership Agreement. Elizabeth Ward, Chief Negotiator, Regional Trade Agreements Division, will explain how IA-CEPA benefits Australian business, why the deal matters for Australia, and provide an update on its entry into force.
CEDA: Australia Asia Economic Engagement
Adelaide, SA, 22 July 2019
DFAT's Elizabeth Ward will provide insight on FTAs including the status of the Australia-Hong Kong Free Trade Agreement and the Indonesia-Australia Closer Economic Partnership Agreement.
Austrade EMDG Information Session
Webinar, 24 July 2019
This Austrade Export Market Development Grant information session puts Australian businesses in touch with experienced members of the EMDG team and covers a range of topics including introduction to EMDG, how to plan for EMDG and how to get the best out of the EMDG scheme.
Perth USAsia Centre: Ambassador's Dialogue - Australia's Ambassador to Indonesia
Perth, WA, 31 July 2019
Australia's Ambassador to Indonesia, Gary Quinlan, will discuss Australia's partnership with Indonesia in the Indo-Pacific. This event is invite-only, however interested parties may contact the Perth USAsia Centre at email@example.com.