Trade Talk, 6 October 2016
Austrade expands in the US
Last week Austrade officially opened its office in Boston, the innovation and technology hotspot that is home to Harvard, Yale and MIT. Key objectives for the new office include tapping into technology-focused two way trade and investment opportunities and promoting and strengthening links and cooperation with research and development facilities.
Revitalising the multilateral trading system
The multilateral trading system has served Australia well - but there is no doubt it is now facing multiple strains. DFAT's Deputy Secretary for Trade Justin Brown discusses how changes in the global economy have led to debate about the extent of the contributions and leadership that is now needed from the major emerging countries in support of global efforts to open markets and encourage growth in trade and investment.
Slowing trade puts protectionism in sharp focus
The slowdown in trade growth since 2012 reflects sluggish economic recovery, the fact that fewer trade deals have been struck, and the recent uptick in protectionism, according to the IMF in its October 2016 World Economic Outlook. With only a limited pickup in global activity expected over the next five years, it is predicted slow global trade growth will most likely persist. Dismantling remaining barriers which act as trade costs would provide much-needed support for trade. The report also recommends establishing a way forward for the post-Doha trade agenda.
Austrade analysis of Aussie business survey
This Economics at Austrade blog breaks down the results of this year's International Business Survey. The Export Council of Australia, Austrade and Efic commissioned the survey which was conducted by the University of Sydney. Data collected from November 2015 to March 2016 from 913 Australian SMEs undertaking international activities suggests an overall shared national business perspective on the market opportunities and challenges in building international businesses.
China's FTZs new stepping stones to liberalisation
This month's edition of Efic's World Risk Developments looks at China's decision to expand its number of Free Trade Zones. The seven new regions are expected to tap into their unique geographical and industrial advantages and improve the regional distribution of income. They will serve as a test bed for financial and institutional reform to help counter slowing economic growth and encourage foreign investment.
Australian sheep industry: Outlook to 2040
Global demand for mutton and lamb meat is likely to increase by 21% on current global supply by 2040. A new ANZ report this week states that if current trends continue, gains in price could be even greater, with the total value of sheep meat produced to increase by 30% over the same period. Much of the surge in demand is expected from Asia, the Middle East, and Africa.
This year's 2016 Global Consumer Trends survey identifies four key trends amongst consumers worldwide which business can take advantage of: greater interest and caution with respect to the ingredients used in foodstuffs; heightened willingness to pay more for products offering personal health benefits than products that are good for the environment; a dramatic increase in reliance on mobile technology; and a greater willingness to spend money to save time.
Did you know?
Australia exported $2.5b of sheepmeat in 2015, which equated to 411,348 tonnes. We were the major supplier to over 25 countries in the world, including the US, Japan, Malaysia and many Middle Eastern countries.
Upcoming Trade Events
Queensland International Business Series
Brisbane, QLD, 10-21 October 2016
A range of business events are being held around Brisbane and regional Queensland delivering trade and investment insights in sectors from international education, mining and resources, food and agriculture, to urban development and the burgeoning innovation and knowledge sector. Former DFAT Secretary and current Chancellor of the University of Queensland, Mr Peter N Varghese AO, will deliver the opening address at the China – India & Australia Business Opportunities Forum on 12 October.
TNQ Tourism Export Know-How Workshop
Cairns, QLD, 11 October 2016
The Australian Tourism Export Council's Know-How for Inbound Tourism Excellence training programs provide industry expertise to help businesses make informed decisions regarding inbound tourism.
Asialink Business Workshop: China Market Entry
Sydney, NSW, 11 October 2016
This two hour workshop (in the early evening) forms part of the City of Sydney Asia Business Series and is designed for aspiring SMEs looking to strengthen their trade with China and build business networks. The workshop will cover three main topics: opportunities, competition and market entry.
FTA Training Provider 2016-2017 Grant Round Information Sessions
Perth, WA, 11 October | Canberra, ACT, 12 October 2016
Australia-based business organisations, including peak industry associations and education institutions, are encouraged to attend these Austrade-led sessions to learn how to apply for a grant under the FTA-TP. The focus of the FTA-TP grant program has expanded beyond FTA training delivery to include market visits.
VCCI: North Asia FTA Training Session for SMEs
Bundoora, VIC, 13 October 2016
This workshop by the Victorian Chamber of Commerce and Industry focuses on the Korea-Australia Free Trade Agreement and the Japan-Australia Economic Partnership Agreement to help with the development of effective strategies to expand into these markets.