Western Australian produce and beverages are on show in Paris this week at Europe's premier food expo to capture opportunities from two new trade agreements. Ten WA businesses, spanning wine, spirits, seafood, meat, condiments and honey, will feature in the Austrade stand at Salon International de I'Agroalimentaire, the world's largest food exhibition.

Known as SIAL 2022, the event attracts more than 310,000 producers, importers, buyers and retailers from over 200 countries. Europe is WA's fourth largest agrifood export destination, worth $2.05 billion in 2021-22, which is expected to grow from the anticipated Australia-European Union Free Trade Agreement.

The WA Government is supporting the WA exhibitors to identify buyers and facilitate introductions that pave the way to increase exports. After the event, a delegation of WA companies will participate in a market familiarisation and engagement program arranged by the State Government and Austrade to capitalise on the impending Australia-United Kingdom Free Trade Agreement.

The State Government's London office and the Department of Primary Industries and Regional Development have collaborated with Austrade UK and the Chamber of Commerce and Industry of WA to organise a series of market research and business matching activities.

WA food and beverage exports to the UK increased by 17.8% in 2021-22, worth a total of $28 million, driven largely by sheep meat and wine sales. More... Source and Photo: WA Government

Eligible Kimberley and Pilbara pastoral enterprises can apply for funding from the Department of Primary Industries and Regional Development of up to $20,000 to adopt technologies or innovation to help grow their business.

The Producer Innovation Fast Track (PIFT) Grants program supports pastoral enterprises to adopt proven, regionally-relevant research and development, technologies and innovation to improve their business efficiency and productivity.

The Western Australian Government aims to grow the future value of the northern cattle industry, increase Aboriginal capacity, and create regional jobs. Beef production is the backbone of the agriculture industry in the North West and is a powerful driver of the State’s economy.

Check out comments from participants of the past Business Improvement Grants program (2016-2020) who used funding to grow and expand their pastoral businesses.

Applications – which must be submitted via Smartygrants – close 12pm (AWST) on 15 January 2023. More... Source and Photo: DPIRD

The Australian Government is partnering with industry to promote Australian wine in key export markets, Japan and Korea.

The Wine Country Manager initiative will help Australian wine exporters diversify their markets. This is an exciting new opportunity for the industry, bringing together exporters, importers, wine experts and buyers to increase sales of Australian wine in supermarkets, restaurants and homes across Korea and Japan.

Korea is the tenth largest export destination for Australian wine exports, while Australia is the sixth largest supplier of wine to Japan, with both regions growing markets for Australia wine exporters.

Under the Wine Country Managers initiative, industry bodies Wine Australia and Australian Grape and Wine will partner with Austrade and Australian embassies to run education seminars and marketing activities in Japan and Korea. More...​ Source: Australian Minister for Trade and Tourism | Photo: Louie Nicolo Nimor / Unsplash [Seoul, South Korea]

From 12 June 2022, Saudi Arabia increased tariffs on 107 tariff lines. These increases are within Saudi Arabia’s agreed maximum tariff rates as part of its World Trade Organisation obligations.

In its latest Market Insight, Austrade reports that Saudi Arabia has stated that the purpose of these tariff increases is to protect domestic industries and local agricultural production.

Saudi Arabia has not set an expiry date for these tariff increases.

The tariff increases are expected to impact approximately 2% of Australian agricultural exports to Saudi Arabia. The Australian agricultural commodity most impacted by these changes is carrots. More... Source: Austrade | Photo: DPIRD [The tariff on Australian carrots rose from 0% to 15% on 12 June 2022.]

Seafood Industry Australia (SIA), the national peak-body representing the Australian seafood industry, has released the Australian seafood industry’s first whole-of-industry Export Market Strategic Plan as part of industry’s biennial conference, Seafood Directions 2022, which took place in Brisbane last month.

“This is the first export-focused strategic plan developed by the entire Australian seafood industry including our producers, businesses and exporters. This plan has a focus on unity and growth, and reflects the important role our export sector plays in the Australian seafood industry, the $1.4 billion contribution we make to the national economy, and future-proofing the supply of sustainable and nutritious Australian seafood to the world’s growing population,” SIA Chief Executive Officer Veronica Papacosta said at the launch of the report.

“The Australian seafood industry was the first and worst hit when the COVID-19 pandemic struck. Our seafood exports stopped virtually overnight, and the impacts were confounded by growing international trade tensions. We needed to pivot, and we needed to pivot fast. Crisis brought opportunity, and the Australian seafood industry united our actions in the international trade landscape to develop this plan which we are proud to launch as part of the national Seafood Directions conference." More... Source and Image: SIA

After the strong rebound of 6.5% posted in 2021, growth in Asia and Pacific is expected to moderate to 4% in 2022 amid an uncertain global environment and rise to 4.3% in 2023, the International Monetary Fund (IMF) reports in its latest Economic Outlook for Asia and Pacific.

The IMF says inflation has risen above most central bank targets, but is expected to peak in late 2022. As the effects of the pandemic wane, the region faces new headwinds from global financial tightening and an expected slowdown of external demand.

While Asia remains a relative bright spot in an increasingly lethargic global economy, it is expected to expand at a rate that is well below the average rate of 5.5% seen over the preceding two decades. More... Source: IMF | Photo: bady abbas / Unsplash [Hong Kong]

In a keynote address delivered to the recent Third Australia-Europe Economic Relations Dialogue, World Trade Organisation Deputy Director-General Anabel González highlighted the need to equip the global trading system for a new era of overlapping and compounding crises in the economic, environmental, public health and global security spheres.

Deputy Director-General González said the global shocks of the last few years have exposed the vulnerability of the business models that underpin many global production networks. “A reconfiguration of supply chains to achieve a better balance between efficiency and risk in the global economy seems not only likely but, given the circumstances, also justified to some extent,” she said.

There is a risk that trade policies, if not well targeted and carefully designed, will discourage innovation and impose high costs on consumers and companies without necessarily improving security of supply. “The path to greater resilience lies not in retreating from trade, but in diversifying it,” she said.

Ms González said the global trading system must adapt to today's vastly more complex trade policy landscape. “This requires unblocking longstanding areas of negotiation like agriculture, while moving ahead in areas such as digital and services trade, which are powerful instruments to bring new players into the global economy,” she said. More... Source:  WTO | Photo: Gritte / Unplash