Australia’s agriculture exports have stayed strong during COVID-19 despite disruptions to supply chains and logistics.
“Australia’s accession to the WTO Government Procurement Agreement will provide Australian exporters with greater transparency in the opportunities that lie in what is a $1.7 trillion market,” Ai Group Chief Executive, Innes Willox, said.
Despite worsening trade wars, global growth remains great: although tariffs do hurt growth, they don’t hurt it by all that much. But the geographic base of growth continues to narrow, growing more dependent on the US. That poses two problems.
“The escalating Trade War between the USA and China is already hurting Australian companies through restrictions in availability of key components, higher landed costs for Australian exports out of China and the USA, damage to business confidence, and delayed investment decisions,” Ai Group Chief Executive, Innes Willox, said.
“The signing of the Indonesia Australia Comprehensive Economic Partnership by the Prime Minister, Scott Morrison, and President Widodo, will ensure that Australian companies are in a better position to grow alongside our nearest most populous neighbour,” Ai Group Chief Executive, Innes Willox, said.
The Australian and global economies would be severely damaged if current US-China trade disagreements escalated into an all-out global trade war, new economic modelling by KPMG Australia has found.
Australia’s total trade in goods and services reached a record $763.2 billion in 2017, up 11 per cent from 2016, driving economic growth and creating new jobs.
The Government is backing Australian businesses and Australian jobs by launching negotiations on a Free Trade Agreement with the European Union.
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