Global Insights Dispatches from the diplomatic network and state and territory offices
Osaka: Opportunities are open to partner at Australia’s Pavilion at Expo 2025 Trade Minister Don Farrell visited the Expo Association during his visit to Osaka, Japan for the G7 Trade Ministers’ Meeting at the end of October 2023. Manatsu Ichinoki, Deputy Secretary General of the Expo Association, welcomed Minister Farrell and showed him the site of Australia’s pavilion for Expo 2025 Osaka, Kansai. Australia is looking forward to a great event to further strengthen economic ties with Japan and maximise trade and investment outcomes across priority sectors. Australia Pavilion partnership opportunities are open. They provide Australian businesses with a unique opportunity to expand their networks and deepen connections with Japan
Abuja: Study in Australia Fair makes strong return to Nigeria In early November 2023, the Australian High Commission in Abuja organised a series of events and seminars in Lagos, Nigeria, culminating in ‘Study in Australia Fair’ 2023. The event was designed to promote Australian tertiary education opportunities to prospective Nigerian students, stakeholders, and educational institutions. The events were well received by Australian university representatives and student agents, renewed interest in the market returning since the COVID−19 pandemic. The last Australian education fair held in Nigeria was in 2019. The event attracted several hundred high- quality prospective students who were able to meet with student agents and university
We have seen growing momentum in the bilateral economic relationship in recent years, with two- way investment having more than doubled since 2017 (to €700 million euro per year), and bilateral trade increasing by 55 per cent (to €423 million). Australian companies have interests across Portugal, including in the mining, green energy, hospitality, and tourism sectors, and we are witnessing growing demand for Portuguese products in Australia. The announcement in 2021 to commence tax treaty negotiations with Portugal reflects the Australian Government’s
Australia’s reputation as an education destination of choice in West Africa. Further Australian education promotion opportunities are planned for Africa in 2024. Lisbon: Australia and Portugal sign a milestone tax agreement Australia’s Ambassador to Portugal, Indra McCormick and Portugal’s Secretary of State for Tax Affairs, Nuno Santos Félix, signed a new tax agreement on 30 November in Lisbon. The treaty represents an important milestone in removing tax barriers, facilitating trade and investment between our two countries, and further strengthening our people- to-people links.
representatives to discuss their study options in Australia. There were 12 Australian universities directly represented, and five student agencies or pathway providers also in attendance. The event was supported by the Australian Alumni Association of Nigeria, who ran sessions with prospective students. While Australia is presently a niche destination for Nigerian students, there are opportunities to expand Australia’s presence. Nigeria has a young and fast-growing population, as well as a rapidly expanding middle class that is hungry for overseas education opportunities. Now is a great time to cement
recommendations made by the G20 and the OECD, demonstrating the Government’s ongoing commitment to tackling tax avoidance practices and to ensure that Multinationals Pay Their Fair Share of Tax. Adelaide: Charting the course with Australia’s Lobster Industry Rock lobster fishing has long been a mainstay of South Australia’s economy, generating 1,300 direct and indirect jobs. It contributed $161 million to the SA economy in 2021 - some 30 percent of gross state seafood product. The industry took a hit Australia-wide throughout COVID – and also following measures by China that disrupted Australian lobster exports from November 2019.
To ease pressures, the South Australian Government recently announced flexible quota arrangements enabling longer Southern Rock Lobster fishing seasons, which better aligns the timing of supply with export market demand. In 2022-23 the State Government reduced licence fees by 50 per cent, to lower operating costs. DFAT’s South Australia State Office has continued to provide
ideas to improve industry efficiency, governance, ESG practices and innovation, and enhancing the industry’s capacity to pursue unified approaches to common challenges. The Federal Government anticipates ongoing partnership with the Australian lobster industry to hear industry voices, support strengthened understanding of political and geostrategic factors impacting the economic landscape and promote positive trade outcomes.
desire to ensure this trend continues and
commitment to making it easier for Australian and Portuguese companies to do business. The new tax treaty will modernise the tax arrangements between Australia and Portugal and help improve the integrity of each of our country’s tax systems. It will do so by reducing withholding tax rates on dividends, interest and royalties, which will reduce tax barriers to investment and the cost to business of accessing foreign capital and technology. Importantly, the new treaty is in line with the Base Erosion and Profit Shifting (BEPS)
and the region. Visit expoaustralia.gov.au.
advice to industry participants on the
Government’s approach to trade disputes with China. Nationwide industry consultations also play an important role in delivering a blueprint for the future of lobster production and export across Australia, by shining a light on best practice case studies,
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business envoy
Department of Foreign Affairs and Trade
Department of Foreign Affairs and Trade
business envoy
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