Trade Talk 9 August 2018
9 August 2018
Trade, Tourism and Investment Minister's address to the grains industry
Minister for Trade, Tourism and Investment Steven Ciobo delivered an address in Melbourne last week on the importance of the grains industry to Australia's export performance. The Minister outlined the steps taken by the Australian Government to secure a level playing field for the sector through the rules-based global trading system, and opening up markets through free trade agreements. More than 70 per cent of the industry's output is exported, generating earnings worth $14.6 billion last year.
Australia and New Zealand Trade Ministers meet for CER talks
Minister Ciobo and New Zealand Minister for Trade and Export Growth David Parker met in Auckland last week. The Ministers noted the strong trade and commercial links between our countries, and underscored the effectiveness of the Closer Economic Relations trade agreement in demonstrating the advantages of liberalised trade. Ministers discussed new opportunities for businesses in the trans-Tasman Single Economic Market (SEM) and work to further enhance trans-Tasman integration, including for SMEs. They also discussed progress in bringing the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (TPP-11) into force, and welcomed other economies showing interest in joining the agreement in the future.
Objectives for the Australia-European Union Free Trade Agreement
The Department of Foreign Affairs and Trade has released a document explaining Australia's objectives in negotiations on a comprehensive and high-quality FTA with the European Union. Core objectives include expanding trade in goods, improving access for services suppliers, increasing two-way investment and securing competitive opportunities. An EU-Australia FTA will also promote shared values on trade and sustainable development.
UK-Australia Trade Working Group joint statement
Discussions between officials at the Australia-UK Trade Working group in London on 25-26 July focused on the future bilateral trade and investment relationship, and our shared ambition to start bilateral FTA negotiations. UK officials discussed the recently-announced UK consultations on future free trade agreements; Australia is one of three prospective bilateral deals on which the UK public's views are being sought.
Australian exports break new record
Australia's total goods and services exports reached a record $401 billion for the first time in 2017-18, the Australian Bureau of Statistics announced this week. Exports to China grew by 11 per cent to reach $105 billion, while growth was also recorded in exports to Japan (up 16.4 per cent to $48.2 billion), ASEAN (up 16.1 per cent to $32.7 billion), and India (up 7 per cent to $16.1 billion).
Services exports reach new record
Services exports rose 8.8 per cent to a record $84.7 billion in 2017 and contributed 4.7 per cent of Australia's GDP, according to DFAT's 'Trade in Services' report released this week. Headline results include education exports (up 17.2 per cent to $30.8 billion), business services (up 9.3 per cent to $20.4 billion) and transport services (up 4.8 percent to $7.6 billion). Australia's top two-way services trade partners in 2017 were the United States, China and the United Kingdom.
Austrade success story: Premium Wine in India
In its July feature article 'Success Story', Austrade toasts Australian exporter Wines by Geoff Harvey on its success in the Indian market. Mark Morley, Austrade Trade Commissioner for South Asia says, "The success of Wines by Geoff Hardy is a strong testimony of the demand for Aussie premium wines in India".
Registering trade marks in China
In an article for the Export Council of Australia, IP Australia urges Australian businesses thinking about doing business in China to register their trademarks in the country as soon as possible. IP Australia advises that China's 'first-to-file' system means registering as early as possible is the most reliable way to protect IP and prevent others from registering your trade mark.
How trade agreements affect global production
This analysis by World Bank researchers reveals how deeper preferential trade agreements increase the domestic value-added content of exports, mainly through global value chains (GVCs). The research also finds evidence that deep trade agreements improve forward linkages, particularly for more complex GVCs, where exported intermediates cross borders two times or more. Researchers based their analysis on the World Bank's dataset of 260 agreements signed by around 180 countries between 1958 and 2015.
Did You Know?
Australian exporters will be able to reach 3.65 billion consumers with tariff free or preferential access when free trade agreements currently under negotiation, and planned, join those Australia already has in force.
Upcoming Trade Events
AIIA - Australia and the World Order: What Order, What Rules?
Brisbane, QLD, 14 August 2018
As the international environment Australia has known for the past seventy years changes, AIIA National President Allan Gyngell will look at what a rules-based order has meant for Australia, and what we should do to preserve it in the uncertain times ahead.
Launch of the Australia United Kingdom Investment Report
Sydney, NSW, 17 August 2018
Minister Ciobo and UK Minister for Investment, Graham Stuart, will launch the Australia United Kingdom Investment Report at his event. Participants will also hear the latest developments on the trade discussions between the UK and Australian Governments, and what they mean for the future of our trade and business relationship.
Building Business Infrastructure to Grow in China
Sydney, NSW, 6 September 2018
At this Australia China Business Council 'Thought Leadership Forum' event participants will hear from industry and government experts, including from Austrade, who will share their experience and knowledge from a range of sectors including health, services, education, tourism, financial services and government.
Investing in Queensland's Tourism Industry
Brisbane, QLD, 12 October 2018 (7am to 9:30am)
Minister Ciobo and members of a panel will discuss the key industry priorities to take Queensland's visitor economy forward, and how businesses can capitalise on the opportunities at this American Chamber of Commerce event. Located in the world's strongest tourism region and largest aviation market, Australia offers a secure and stable environment for tourism investors.