The Australian Government has announced an extension of the International Freight Assistance Mechanism (IFAM) to keep global air links open, despite the ongoing effects of the COVID-19 pandemic.

The international aviation and global trade environment remain significantly disrupted.  As the global economy slowly recovers, opportunities around the world will emerge and the Australian Government will continue working with companies to take advantage of these opportunities.

Mr Michael Byrne, the International Freight Coordinator General, speaking at a recent industry briefing said, “The supply chains we have now are what we’ve got and need to work with. Everyone must look at their own supply chains and ask themselves, does this work for me now?

“If they don’t, then change your commercial and business models to these new look supply chains. They’re what we’ve got for the foreseeable future.”

Extending IFAM from 1 July to the end of September 2021 maintains global air connections and protects hard-fought market share, while targeting support where it is needed most and buying Australian businesses time to adjust.

"From April last year, to April this year, the program has committed to support movement of over 380,000 tonnes of high-value perishable Australian products, as well as goods of national importance, on more than 11,000 flights," Mr Byrne said.

Full details on the latest IFAM outbound and inbound flights are available on the IFAM website.

Exporters should speak to their freight forwarder and visit the IFAM website for further assistance. If you have any questions or need more information, please email Airfreight@austrade.gov.au, or Austrade State Director WA, Jane Caforio, at jane.caforio@austrade.gov.au.  More...  Source:  IFAM  |  Photo:  John Kappa / Unsplash

Austral Fisheries' Glacier 51 Toothfish has taken out the title of Australia's Best Sustainable Seafood Product for the second year running, this time shared with the Marine Stewardship Council (MSC) certified Fremantle Octopus range. 

Glacier 51 Toothfish celebrates this achievement alongside its accolade as the world’s first carbon neutral seafood.  Located in the isolated Sub-Antarctic region Heard Island and McDonald Islands Fishery, the fish is sustainably caught in underwater volcanic crevices 2,000 metres below sea level.

Fremantle Octopus shares the Best Sustainable Seafood Product award with their range of raw, cooked, and marinated octopus from the Western Australia octopus fishery, certified to the MSC Fisheries Standard since 2019.

Australian Clean Seas Kingfish received Aquaculture Stewardship Council’s Best Responsible Seafood Product award, reflecting its highly sustainable farming practices in Spencer Gulf, South Australia.  More... Source:  MSC  |  Related:  Australia’s most sustainable seafoods recognised  Source:  Inside FMCG  |  Photo:  Austral Fisheries

The Federal Government's Business Events Grants program, which opened in January this year, will close on 30 March 2021. The Business Grants Hub is administering the program and applications will be submitted through the Hub.

The Business Events Grants program will support Australian businesses by providing grants between $10,000 and $250,000. Grant funding will cover up to 50 per cent of costs incurred in participating at pre-approved business to business events as buyers or sellers during the 2021 calendar year.

Questions about grant applications, eligibility or the program guidelines should be directed to the Business Grants Hub by calling 13 28 46 or emailing business.events@industry.gov.au.  More... Source:  Austrade  |  Photo:  business.gov.au

In its latest economic outlook, the Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES) reports that aquaculture will be vital to the post-pandemic recovery of Australia’s seafood industry.

Though ABARES data reveals production value for both fisheries and aquaculture will drop six per cent in the 2020-21, it's set to recover at an average annual rate of 1.6 per cent to 2025-26. The increase is largely due to a projected uplift in aquaculture production in the medium term.

Aquaculture's share in the Australian seafood industry has been increasing for some time, increasing from 43 per cent gross value of production (GVP) in 2015-16 to equal share in the market with wild-caught products in 2019-20.

Significant growth is expected in salmonid production, as well as prawns, oysters, abalone and fin-fish varieties barramundi and kingfish. ABARES fisheries and aquaculture expert Robert Curtotti asserts that the continuation of this trend is “set to contribute positively to industry overall.”

Businesses with a high-export orientation, such as rock lobster and abalone, may have to ‘ride the wave’ of uncertainty in the short term, and make use of programs such as the International Freight Assistance Mechanism to overcome COVID-19 related transport barriers. Moreover – as with most agrifood businesses – diversification of these products towards the domestic market is recommended.  More...  Source:  ABARES  |  Photo:  DPIRD

The 2021 Japan Symposium, convened by the Perth USAsia Centre in collaboration with the Japanese Consulate in Perth, will discuss the complex issues the two nations face in terms of free trade and value chains; and explore opportunities to enhance cooperation between Australia, Japan, and regional partners.

Now in its fourth year, the Symposium will bring together senior officials, experts, and strategic thinkers from Australia, Japan, and the broader Indo-Pacific region – facilitating expert-led discussion about economic cooperation between the two countries to preserve an open and rules-based economic region.

This event takes place on 25 March 2021 from 9 am to 10.30 am at The University Club of Western Australia.  It is free to attend, although registration is essential.

The Symposium will have a limited in-person audience.  If you are unable to attend in-person, the event will also be live-streamed. Register to watch the live-stream here.  Source and Graphic: Perth USAsia Centre

Chinese consumption of liquid milk rose strongly in 2020 and is expected to continue growing over the coming decade, creating export opportunities for dairy producers in Australia and other key dairy-producing regions, according to Rabobank senior dairy analyst Michael Harvey.

Speaking on a newly-released RaboResearch podcast, Mr Harvey said there had been very strong consumer demand for liquid milk in China during 2020, despite the impact of the COVID-19 pandemic. And this would continue to grow.

“Chinese demand for dairy has plenty of space to grow long term – largely attributable to long-standing key drivers such as low per-capita consumption and strong private and public investment into the sector due to the health benefits of dairy products,” he said.

“And with many of the big dairy companies in China now starting to provide their 2020 full-year results, what’s really interesting is we’re seeing that many are reporting rapid revenue growth for liquid milk. Companies like Yili and Mengnui, for example, have reported double-digit growth in ultra-high-temperature (UHT) long-life milk sales with the companies putting this down to the health and wellness benefits consumers are seeking.”  More...  Source:  Rabobank  |  Photo:  DPIRD

This one-day international conference aims to provide attendees with increased awareness and understanding of Arab and Australian legal and business cultures and to assist businesses to commence trading in the United Arab Emirates and the wider Middle East and North Africa (MENA) region.

By attending this conference – which will be live streamed on 20 April 2021 – you will hear from business operators and industry bodies, as well as financial and legal experts, on how you can prepare and de-risk for trade, reduce operational costs, increase turnover and build effective trade relations and investment activity between Australia and the Arab World.

The business community, primary producers, corporate law firms, business investors, government departments, professional advisers and researchers and students will gain insight from a range of speakers that will demonstrate the inextricably linked nature of law and culture in international trade relations in the Middle East.

Building effective trade relations and attracting foreign direct investment between Australia and the MENA region will assist in diversifying trade markets to benefit Australia's businesses, producers, and the economy.

This event is an initiative of Flinders University with the support of the Department of Foreign Affairs and Trade through its Council of Arab-Australian Relations.  More...  Source and Graphic:  Flinders University

A new online guide to succession planning has been released this week, with the latest available data revealing just 17 per cent of Australian family businesses have a unifying plan for the future of the business.

The Introductory Guide to Family Business Succession Planning – co-produced by Family Business Australia and the Australian Small Business and Family Enterprise Ombudsman’s office – provides a step-by-step guide to passing the family business on to the next generation.

“Succession planning can be challenging,” Family Business Australia Chief Executive Officer Greg Griffith says. “But with the right approach, supported by quality information and advice, you can achieve rewarding outcomes.

“Our guide provides a great starting point for families in business to consider the what, why and how of transitioning the business to the next generation.”

Australian Small Business and Family Enterprise Ombudsman Kate Carnell says there has never been a more important time to initiate a succession plan, given the highest proportion of business owners are aged between 45 and 59 years.

Ms Carnell said a KPMG report reveals 54 per cent of family businesses have no documented succession plan in place and no retirement plan for the current chief executive officer.  Source:  FBA / ASBFEO  |  Photo:  DPIRD

Global activity in many sectors has picked up and partially adapted to pandemic restrictions, the Organisation for Economic Co-operation and Development (OECD) reports in its Interim Report for March 2021. 

The OECD says prospects have improved over recent months with signs of a rebound in goods trade and industrial production becoming clear by the end of 2020. 

Global Gross Domestic Product growth is now projected to be 5.6 per cent this year, an upward revision of more than 1 per cent from the December OECD Economic Outlook.

World output is expected to reach pre-pandemic levels by mid-2021, according to the OECD, but much will depend on the race between vaccines and emerging variants of the virus.  More...  Source:  OECD  |  Photo:  WTO