Global Trade Updates

The global economy has changed, and so too have some of the key drivers impacting currency markets.

We are headed into uncharted waters in the second half of this year, as governments gradually ease their COVID-19 lockdowns and travel restrictions to revive economic growth. Only time will tell whether the global economy can shift to a ‘new normal’, or if it will be a case of two steps forward, three steps back.

Australia and the United Kingdom yesterday announced the commencement of negotiations on a bilateral free trade agreement (FTA), which will start a new chapter in the economic relationship and help to boost export flows between our two nations.

NSW small and medium exporters will benefit from almost $13 million in support programs aimed at creating jobs and supporting the regions, including a $10,000 Exporter Assistance Grant.

In 2019, the ECA welcomed Anya Lim of ANTHILL Fabric Gallery to Brisbane and Sydney on the Australia Awards Women Trading Globally Program, supported by the Department of Foreign Affairs and Trade. Anya is one of a growing number of young female social entrepreneurs in the Philippines.

COVID-19 led Governments around the globe to take a range of unprecedented measures and while these measures helped control the health crisis they have inflicted unavoidable damage in the economy.

The Minister for Trade, Tourism and Investment Simon Birmingham has expressed thanks and acknowledged the contribution of outgoing Australian Trade and Investment Commission (Austrade) Chief Executive Officer Stephanie Fahey.

We are proud to announce that we have launched a partnership with OFX to help Australian businesses’ take advantage of opportunities in the global market and move money globally with confidence.  

Australia recorded a mega $19.2 billion trade surplus for the March quarter along with its highest ever current account surplus, highlighting how important our export sector will be as the Australian and global economy begins to recover from the impacts of COVID-19.

In 2019, Bhagya Iddamalgoda was selected as a participant of the Sri Lankan Women Trading Globally Program held in Western Australia. With her keen sense of business, clear vision, and eye for design and aesthetics, the ECA has watched Bhagya’s business Candle House Ceylon continue to expand and evolve.

This story is part of a series of interviews, by the ECA, with exporters that have been affected by COVID 19.

With travel restrictions within our states and territories destined to be eased in the not too distant future, there is an excitement in the air that only comes while planning your next adventure. The push to get us travelling within Australia could see us fall in love with our lucky country all over again.

On 23 March 2020, Prime Ministers Scott Morrison and Lee Hsien Loong announced the conclusion of negotiations for the Australia-Singapore Digital Economy Agreement (DEA).

Prime Ministers also witnessed the signing of two cooperation Memoranda of Understanding (MoUs) on Data Innovation and Artificial Intelligence – part of a suite of seven MoUs under the Digital Economy Agreement enabling enhanced cooperation on emerging technologies and shared challenges.

China has recently imposed an import suspension on four Australian abattoirs.

In the face of the industry disruption caused by COVID-19, the Australian Fashion Council (AFC) and global B2B virtual showroom platform, ORDRE.com, have teamed up to launch AFC Virtual on ORDRE.

Australia is in need of a 2020s vision for its economy. The COVID-19 crisis, which is set to deliver the country’s first recession in 29 years and has come at a significant human cost, should also be the springboard for a comprehensive economic reform agenda to support a swift post-virus economic recovery.

Térapy Ceylon - Ayurvedic goodness from Sri Lanka
Térapy Ceylon was created with the passion of sharing day-to-day Ayurveda that we practice in our homes in Sri Lanka, with the rest of the world. 

In late 2019, IP Australia consulted on proposed options to implement accepted ACIP recommendations, including introducing a grace period for designs. 

The Export Council of Australia (ECA) and Darwin International Airport (DIA) are proud to announce that the infrastructure project involving the development of the Darwin International Airport’s Freight and Education Hub is nearing completion.

Up until late March Cairns-based mineral processing service provider International Mill Relines (IMR) had a crew destined to complete work in PNG and $30,000 worth of international flights booked. Within days of the government announcing travel restrictions, “business as usual” went to zero overnight.

The International Freight Assistance Mechanism (IFAM), $110 M worth Australian Government initiative have secured more than 350 international flights to date. Flights have been established to send high-end meat, seafood and produce overseas under the federal government's air freight lifeline for exporters.

The short answer is – no.

Australian exporters will soon start reaping the benefits of the Indonesia-Australia Comprehensive Economic Partnership Agreement (IA-CEPA), with Australia receiving formal notification that Indonesia has completed its domestic ratification processes.

Tropical North Queensland’s seafood industry has been given a major boost, with the Morrison Government helping to secure a critical freight route between Tropical North Queensland and Hong Kong.

Details of the two International Freight Assistance Mechanism (IFAM) webinar recordings available for viewing. 

In January, the IMF forecast the global economy to expand at the ‘sluggish’ pace of 3.3% in 2020. But less than three months later, amid COVID-19 containment measures, the IMF now forecasts the global economy to contract by 3% this year. This would mark the first decline since 2009 and the deepest since the Great Depression.

Let us put some perspective around our position. Whilst the interconnectedness of the world of trade is here to stay, a shock to the system of this magnitude is creating a shift in the preferences and expectations of society as people, employees, and consumers. How you interpret these shifts and then position your business to chart a course forward will determine your position success - not just now, but in two years’ time?

The ECA is excited to hear news from WA, that Perth-based company, Linear Clinical Research, has been selected to undertake a trial of one of the first vaccines in the world to demonstrate safety and immune response against COVID-19.

In 2019, Annisa Pratiwi, Co-founder of Ladang Lima, participated in the Australia Awards Women Trading Globally Program funded by the Department of Foreign Affairs and Trade. The program focused on building the export capabilities of 15 female entrepreneurs from countries in South East Asia and Mongolia. The program was delivered in Brisbane and Sydney over two weeks, and the timing of the program coincided with the Naturally Good Expo in Sydney.

Short answer - yes.
Covid-19 is causing widespread disruptions to shipping and air freight, and wreaking havoc on global supply chains across Europe, America and Asia which are critical to the supply of goods. Toilet paper and PPE shortages, profiteering from hand sanitizer and empty shelves in grocery stores were common around the world right from the start of this pandemic.