Trade Talk 9 May 2013
9 May 2013
Australia records first trade surplus since 2011
Australia has recorded a seasonally adjusted trade surplus of $307 million in March. The surplus, the first since December 2011, was driven by strong demand from our Asian trading partners and a fall in imports. Exports in both goods and services expanded, lead by growth in resources exports, up 2.1% on the previous month.
Press release: Engagement with Asia helps trade balance back into surplus
WTO: Cuba files tobacco dispute against Australia
Cuba has requested consultations with Australia over Australia's plain packaging laws for sales of tobacco. The request formally initiates a dispute and makes Cuba the fourth country to dispute the plain packaging law through the WTO.
Brazilian candidate to be next WTO Chief
Brazil's Ambassador to the WTO, Roberto Carvalho de AzevÃªdo will be the next Director General of the WTO. WTO officials confirmed his appointment, stating that he carried the largest support throughout all three rounds of selection. AzevÃªdo will take-up his post on September 1 and will be the first Latin-American in the organisation's history to hold the position.
WTO General Council: Carvalho de AzevÃªdo to be the next WTO Director-General
AzevÃªdo on critical issues facing the WTO
WTO Director General elect, Roberto Carvalho de AzevÃªdo responds to the issues directly affecting the organisation, giving an insight towards how he will approach his role as WTO Chief.
Bridges Weekly: Global Challenges and the Future of the WTO
IMF outlook on Asia and Pacific
Growth in Asia and the Pacific is set to increase according to a report by the IMF, with growth in the region predicted to reach 5.75% for 2013. Australia is tipped to have the highest growth rate amongst the 'Industrialised Asian Economies' (Australia, Japan and New Zealand) at 3%.
Publication: Regional Economic Outlook: Asia and Pacific
Trade Facilitation Indicators reveal billions could be saved
The OECD has released its Trade Facilitation Indicators showing that billions could be injected into the global economy if a multilateral deal to cut trade red tape was struck. The OECD estimates that if all of the measures currently under negotiation through the WTO's Doha Round were implemented, trade costs could be reduced by up to 15% in developing economies and 10% in advanced economies.
Did you know?
Mexico has one of the highest numbers of Free Trade Agreements (FTAs) among WTO Members. It has network of 12 FTAs spanning 44 countries! Australia may be added to that list in the future, with Mexico and Australia both participating in Trans-Pacific Partnership negotiations.