Trade Talk 7 August 2014
Trade Talk brings you a selection of the latest trade news from Australia and the world.
WTO fails to adopt protocol for Trade Facilitation Agreement
WTO members have failed to meet the July 31 deadline to adopt an amendment necessary for acceptance of the WTO Agreement on Trade Facilitation. "We've failed because a small number of WTO Members sought to reopen and renegotiate the decisions all members had agreed to in Bali" said Minister Robb.
- TIM Media Release: WTO Fails to Adopt Protocol for Agreement on Trade Facilitation
Exports lead strong increase in Australia's two-way trade in 2013-14
Australia's trade grew strongly in 2013-14, with exports up 10% to $332 billion and imports up 5% to $338 billion. All broad categories of exports rose, including a 15.1% increase in the value of resource exports. "The rise in resource exports underlines the transition in the sector from construction to production" said Mr Robb.
TIM Media Release: Australia's exports strong in 2013-14
Strongest services trade growth since 2007
Australia's services trade has grown faster than any year since 2007, led by the business and travel sectors. The services trade increased 9.1% to $125 billion in 2013 according to DFAT's Trade in Services publication. The services sector represents about 70% of Australia's GDP and employs four out of five Australians.
DFAT Media Release: Australia's trade in services for 2013
Australian business encouraged to make the most of free trade deal opportunities
Australian businesses are encouraged to use Australia's free trade deals, including the recent deal with Japan or risk losing billions of dollars in opportunities. The Productivity Commission has reported an underutilisation rate of up to 30% for some trade agreements.
ABC News Clip: Free trade deal with Japan
Pacific trade: Sisters doing it for themselves
The inaugural Pacific Export Survey 2014 reveals that around 27% of exporting SMEs in the Pacific are run by women, compared to 11% in Australia. This may be explained by cultural reasons, microfinance incentives for female entrepreneurs or trade and migration ties.
The Lowy Interpreter: Pacific trade: Sisters doing it for themselves
WTO enters a phase of uncertainty
WTO Director General AzevÃªdo addressed WTO ambassadors hours before the Trade Facilitation Agreement deadline. He urged members to come forward if they had ideas that might build consensus and reflected on the ramifications for the WTO of not meeting the deadline.
WTO DG Speech: Members unable to bridge the gap on trade facilitation
Benefits of EU- Korea Free Trade Agreement to flow over long term for Korea
The EU-Korea FTA, implemented in 2011, had been forecast to deliver substantial benefits to both parties. While the EU has experienced significant export growth to Korea, the benefits for Korea of the FTA haven't been as recognisable. This piece argues Korea will experience significant benefits over the long term.
East Asia forum: South Korea should keep calm and carry on through EU trade squall
Aussie cafe experience changing the face of New York
Bringing flat whites and Sunday breakfasts under the same roof, Australian cafes are taking over New York. Excellence in customer service differentiates the new Aussie cafes from their American rivals, with beautiful interiors and melodic Australian accents providing the hollandaise to the poached egg.
New York Times: Australian Cafes Arrive in New York
Did you know?
Australia is Japan's second-largest market for automobiles, behind the US but ahead of Russia and China. Japanese exports of automobiles were valued at US$6.4 billion in 2013.
Trade articles sourced from non-Australian Government sources do not necessarily reflect the views of the Australian Government.