Friday, Feb. 24, 2017

TRADE & INVESTMENT TOP PRIORITY IN THIS YEARS BUDGET

By Export Council of Australia · May 13, 2015

Trade is a key driver of jobs, innovation and long-term prosperity for Australia. Increasing trade and investment is absolutely crucial to unlocking Australia’s future economic growth.

Australian firms enjoy more opportunities to expand internationally than ever before. This is in the context of increasing international demand for our products and services and new opportunities opened up by recent liberalising trade agreements with our largest trading partners.

The ECA applauds the range of connected measures introduced in the 2015 Budget that will help Australian companies take advantage of trade agreements and facilitate new international business opportunities.

Over the last couple of years, the ECA has been persistent in advocating on behalf of its members and is pleased to now report progress across a number of trade and investment related issues that will ultimately advance our member’s interests.

The ECA's 2014/2015 Trade Policy Recommendations, the ECA called for:

1)    Improving competitiveness through regulatory reform and trade facilitation: Unnecessary regulation needs to be cut so we can improve the movement of goods across borders.

2)    Building infrastructure and supply chain efficiencies: Australia’s infrastructure must keep pace with growing demand. 

3)    Enhancing Investment: Investment is critical to Australia’s growth and we face tough competition.

4)    Supporting Innovation: Innovation is the way of the future for advanced economies. We need to lift our game.

5)    Advancing Trade Development: Australia needs to be stepping on the accelerator, not the brake, in terms of investment in trade.

6)    Leveraging Free Trade Agreements: We have them, now we need to work on utilising them.

 This year's budget is a win for trade and investment, with significant funds being allocated to support all of the above six ECA recommendations.

Key outcomes for trade and investment in the budget can be found by download the attached PDF DOCUMENT.

 The ECA has for a number of years called for measures to improve the position of Australian businesses competing in the global market place.

 Research recently conducted by the ECA reveals that some of our key international competitors, have since the Global Financial Crisis, invested in trade development and improving their business environment to spur economic growth. It is imperative that Australia does the same.

 We asked the question last week as to whether the government will put trade as a key priority in this year's budget and the answer last night, was YES!

 With 1 in 5 jobs related to trade, now is the time for Australia to invest in encouraging innovation, creating a competitive business environment, and fostering opportunities for international growth.

 The ECA will be launching the results of a study that involved a review of trade promotion services across ten select countries.

 The Advancing Trade Development report will be launched in July and provides a strong case for the need to invest in trade promotion. 

 About the Export Council of Australia

The Export Council of Australia is the peak Industry body for the Australian export community. The ECA is the next exciting step in the evolution of the Australian Institute of Export (AIEx) which, for over 50 years, has had the interests of Australian exporters at heart.

 If you have any questions or comments, please don’t hesitate to contact us.

Contact details:

Lisa McAuley

CEO

Export Council of Australia

Ph: 02 8243 7410

Fax: 02 9251 6492

Email: lisamcauley@export.org.au

Stacey Mills-Smith

Trade Policy & Research Manager

Export Council of Australia

Ph: 02 8243 7460

Fax: 02 9251 6492

Email: staceymills-smith@export.org.au

 

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