The once-in-a-century crisis we all find ourselves confronted with by COVID-19 will end up exacting both a horrific toll in terms of loss of life but also short and medium term economic damage.
In this rapidly changing jobs market the Australian Government is supporting businesses and those Australians looking for work.
While many businesses have been adversely affected by COVID-19 and are reducing their workforces, there are some areas of the economy which have an increased demand for workers.
The Cyber Readiness Institute (CRI) is organising two webinars which will take place at the end of this week.
The Morrison Government will inject an extra $49.8 million into the Export Market Development Grants (EMDG) program in the 2019-20 financial year, allowing exporters and tourism businesses to get additional reimbursements for costs incurred in marketing their products and services around the world.
The WTO has launched a new dedicated website to respond to the COVID-19 pandemic as this represents an unprecedented disruption to the global economy and world trade, as production and consumption are scaled back across the globe.
In the interest of keeping the arts (particularly music) alive and kicking in these tough times, our Director for Africa and Asia, Ms Collins Rex would like to share the details of an amazing artist who’s streaming three live concerts to three cities in one day this weekend. The concert isn’t free, but US$12 is a small price to pay for music of this calibre.
Maintaining a healthy business in times of global crisis: Business health check. This week we will be discussing Business Health Check as part of our online forum with our expert presenter, Ms Collins Rex. Collins Rex assists clients across a range of international marketing, product development and communications areas, helping them get maximum return on their marketing investment. Collins is passionate about seeing small business do better business, and do it on the global stage!
As the coronavirus epidemic shuts down the global economy, supply chain executives should be taking steps now to ensure that their supply base remains intact in the face of massive disruption. This was certainly the case in the 2008 Great Recession. We recently published a paper that demonstrates empirically that over the period of the major financial crisis, supply managers who regularly assess and develop an understanding of their key suppliers’ working capital conditions are more likely to re-negotiate contracts that revise payment terms, leading to improved supplier working capital and fewer supply chain disruptions. The data was collected smack dab in the middle of the crisis, so we were able to capture what was happening in supply managers’ minds during this period. Right now, shipments have stopped, payments have stopped, and people are being laid off. Taking steps now to avoid future pain when the supply chain starts up is critical to ensure that suppliers survive this massive disruption, and are able to start back up again.
Amidst the difficulties that airlines are experiencing with travel restrictions due to the COVID-19 pandemic, the Australian Competition & Consumer Commission (ACCC) announced today that it had granted an interim authorisation to Regional Express (Rex) “to coordinate flight schedules with Virgin Australia and Qantas Airways on ten important regional flight routes”.
In 2018 Collins Rex, Director of the GTPA had the great privilege of getting to know a group of exceptional women from South Asia who I trained in international business as part of the Australia Awards: Women Trading Globally programme. One of those women is Hanium Maria Chowdury from Bangladesh.
Freight & Trade Alliance (FTA) over recent days has been receiving calls from members as regards the health protocols many facilities had put in place to check not only their staff but also any visitors to their premises.
We had been advised that some businesses had experiences where some government agency officers had refused to comply with these protocols; being standard health questions and if required a contactless temperature check.
Wellcamp Airport (Toowoomba) is still operating during the crisis and strongly supports the Freight & Trade Alliance (FTA) initiative to co-operate with industry through the COVID-19 Air Cargo Bulletin Board.
Russell Wiese and David Thompson of Hunt & Hunt Lawyers recently provided a webinar updating the trade and logistics community of the commercial law and employment issues associated with COVID-19. A summary of the Australian law issues are set out below. The issues will differ from jurisdiction to jurisdiction and it is importation to obtain local advice. If you need assistance with Australian trade law issues please contact Russell at rwiese@huntvic.com.au. If you need employment law assistance, please contact David at dthompson@huntvic.com.au.
GTPA would like to thank Paul Zalai and the team at Freight & Trade Alliance (FTA) for working to ensure COVID-19 Air Freight Funding. This is great news.
Our GTPA management team is pulling together to help to personally subsidise small businesses through a new service.
Every week we will personally look to subside access to a business service or solution / support initiatives for people self-isolated at home.
We hope that by making a small contribution here we can help small businesses/ sole traders/ freelancers whilst also at the same time providing access to valuable support services to our global business network.
We are currently living in extraordinary circumstances, and first and foremost we must remain safe and keep ourselves, our community, and those closest to us healthy.
The Global Trade Professionals Alliance (GTPA) is joining forces to collaborate with the Institute of International Trade (IIT) at The University of Adelaide and the Supply Chain Resource Cooperative (SCRC), Poole College of Management at North Carolina State University.
As a group, we are aware that as businesses implement major changes to manage disruptions and continue operating, many could benefit from the insight and fellowship of peers in similar positions, and the assistance of experts who can offer advice and leadership.
These online forums will allow you to meet other business operators ‘virtually’ for expert-moderated interactive online discussions. Here you can raise questions on issues you might be facing and as a global community we will mobilise our collective experience and expertise to listen and try to provide practical assistance.
The Department of Foreign Affairs and Trade (DFAT), as a part of the foreign policy white paper, is looking into ways to support to service sector in Australia and to better support and assist these firms in their international growth. We would like to invite you to participate in a study aiming to understand more about the experiences of service businesses who export their services fairly soon after their inception (also known as ‘born global’ businesses). The research will be used by DFAT to understand more about the challenges faced by these businesses, and will be used to inform improved support and assistance to help these businesses succeed and grow their international business activities.
Collins Rex is the Asia/ Africa Director for the GTPA who has owned and operated her own very successful businesses on two continents. In her professional capacity she assists clients across a range of international marketing, product development and communications areas, helping them get maximum return on their marketing investment. Collins is passionate about seeing small business do better business, and do it on the global stage!
Last Thursday the WTO held a workshop to celebrate the 25th Anniversary of the WTO Agreement on Rules of Origin, CEO of the GTPA Lisa McAuley was asked to speak on a panel to discuss increasing demands on product certification and origin traceability. Below is a copy of the speech.
Despite an international context that has grown more hostile for global trade, flows of goods, services, and investment continue to develop, encouraged by the negotiation of free trade agreements and the emergence of global value chains. This entails constant changes to our work on rules of origin. By the time we think we have found a solution to a problem, new demands emerge that also require our creativity and commitment. Hence, the importance of this event so that we do not lose momentum in addressing old and new challenges.
In advance of International Women’s Day on the 8th March, the GTPA is today pleased to build on the campaign we launched last year to shine a light on the women who rock international trade. Last year we focused on women working within international trade from the perspective of working within global trade as a professional.In 2020, our campaign will focus on highlighting women rocking international business, from business owners to CEOs to those working within different business functions supporting business development and growth.
By Peter Langley, Vice President, FedEx Express Australasia
Small to medium-sized enterprises (SMEs) are the backbone of the Australian economy with its contribution to the nation’s GDP of 57 per cent and accounting for 67 per cent of total employment in Australia. We are increasingly seeing the business landscape changing for the benefit of SMEs, from policy recommendations that improve cashflow for SMEs, to free-trade agreements for the benefit of bilateral trade on all scales.
However, local businesses are also experiencing an increasing amount of pressure to go further afield. Even though cross-border trade has a positive impact to revenue, we are finding that only 75 per cent of Australian SMEs are currently exporting goods compared to 91 per cent importing.
Over 90,000 Chinese international students remain stuck outside Australia due to Coronavirus travel restrictions. China exposed export businesses will also be substantially impacted. Estimates of the potential direct adverse economic impact of the Coronavirus on Australia currently range from $3 - $8 billion and are increasing daily.
Edtech startup Practera platform is enabling one innovative response with its successful Global Trade Accelerator program and a range of Government, peak body, education provider and export partners.
Tickets are now on sale for the Margaret Thatcher Conference on Trade, in partnership with the City of London Corporation and HSBC.
The Margaret Thatcher Conference is the Centre for Policy Studies’ flagship annual event. It aims to provide a platform for senior politicians, business representatives and experts to discuss top line, international topics in front of a high level audience.
Opinion by Niels Strazdins, Head of Global Trade Policy & Europe Director at Global Trade Professionals
The 2020 coronavirus outbreak in China has been declared a global health emergency and concern is growing over its potential to become a pandemic. With over 600 fatalities to-date, the scale of the human tragedy cannot be ignored and is increasing by day.
Beyond its tragic human impact on the residents of Hubei province, China more broadly, and the rest of world, the outbreak’s economic consequences are also mounting.
Disruption is radiating from the world’s second-largest economy across international supply chains and commercial networks. It is testing their resiliency and the contingencies put in place to mitigate the impact of international crises such as viral outbreaks.
As the issue of sustainability continues to be at the forefront of global awareness, various initiatives and activities demonstrate the extent to which institutions are taking the matter more seriously. But is enough being done and is there sufficient understanding of the issues at play here?
Today’s business leaders confront a host of political, economic, policy, regulatory, environmental and institutional barriers.
On the international political front, the headlines are full of ‘trade wars’ news. The rise of populist sentiment in the developed world is challenging many of the post-cold war assumptions, wherein the march of trade liberalisation and liberal political systems were in lockstep.
Political debates increasingly reflect these international tensions, as well as the broader, deteriorating, regional security environment.
Security, trade and investment are now more, and increasingly, entwined, affecting trade policies and regulations across the globe.
Yet threats bring new opportunities including new trade routes opening and technological advancements that will simultaneously render cross-border trade easier to do, while multiplying the possibilities for dispersing production facilities internationally and bringing goods and services closer to consumers.
For many MSMEs, navigating the complexity of doing business globally whilemaintaining acompetitive edge requires the development of new skills and knowledge, as well as the ability todraw on a trusted network of skilled professionals and consulting services with the requiredcompetencies to support their business growth.Many of these businesses have significant international growth potential from day one of theiroperations and are essentially “born global”. Competing on a global scale from the outset means it isimperative that these businesses enjoy access to support networks and an ecosystem that allowsthem to take advantage of new opportunities.
By Karen Reddington, President, FedEx Asia Pacific
Innovation for all: the idea that innovation, in its fullest expression, serves everyone. Never before have small businesses and start-ups been so connected – in digital tools, technology, access and ideas.
Entrepreneurial innovators are leading with passion and counting on connectivity to expand their businesses across borders, seize niche opportunities and shape the global economic future.
So why then does evidence show that SMEs are failing to access trade deals – one of the most significant tools there is for multiplying business growth and opportunity? And what do agreements like the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) offer?
Whilst the world has started 2020 with political, economic, policy, regulatory, environmental and institutional challenges, the GTPA is committed to finding ways in which our services can help to unite and not divide.
As we look ahead to a new year and a new decade, we remain steadfast in our belief that trade can be a mechanism to support greater inclusion and global security. This includes new trade routes opening and technological advancements that will simultaneously render cross-border trade easier, while multiplying the possibilities for dispersing production facilities internationally, and bringing goods and services closer to consumers at a better price point.
On a personal note, the GTPA has several members of our team situated in Australia. I would like to take this opportunity to send our thoughts and prayers to our staff and their loved ones, as well as to commend the firefighters who have been working tirelessly on the front lines for months, with no respite in sight.
The GTPA is delighted to welcome Dr Tomás Quesada to the team. With his background as a Doctor in Politics from the University of Oxford, Master in Comparative Politics (Democracy) from the London School of Economics and Political Science (LSE), and a lawyer from the University of Costa Rica, we are delighted to bring his expertise to the team.
As the business world looks toward continuing uncertainty and trade turbulence in 2020, GTPA CEO Lisa McAuley recently discussed the implications of this for international supply chains.
We are just days away from Going Global Live and we hope you are as excited as we are about meeting each other at the London ExCeL on the 27th & 28th!
As part of the GTPA’s involvement in the Going Global Live, our CEO Lisa McAuley is pleased to be visiting the UK to unveil our new solutions for UK businesses to gain access to online tools and training solutions to help them grow globally from 2020 onward.
GTPA is pleased to announce that it has been selected as a lead collaborator on one of six solutions as part of the 2020 Bloomberg New Economy Solutions. GTPA will be working to support unlocking inclusive tarade. Find out more about the solutions launched on Friday at the Bloomberg New Economy Forum in Beijing.
Now in its 9th edition, the ICC Academy, the educational arm of the International Chamber of Commerce (ICC), is set to host the next chapter of its annual Supply Chain Finance Summit. Marked by its year-on-year success, the event returns to Singapore on 4-5 March 2020, highlighting the island city-state’s standing as a pivotal trade and financial hub that continues to shape the development of Asia’s supply chain.
It is only one week to go until Going Global Live and we hope you are as excited as we are about meeting each other at the London ExCeL on the 27th & 28th!
In line with the International Chamber of Commerce’s (ICC) vision to secure peace prosperity and opportunity for all, the ICC Academy, the educational arm of the world business organization, is pleased to announce a dedicated scholarship programme for students and trade professionals worldwide.
The initiative offer an 80% bursary on the cost of the ICC Academy’s flagship online certificates on trade finance, the Global Trade Certificate (GTC) and Certified Trade Finance Professional (CTFP), as well as international business with the Export/Import Certificate (EIC).
IE School of Global and Public Affairs and the International Chamber of Commerce (ICC) have established a partnership to collaborate in knowledge generation and dissemination in the field of international trade and public policy.
On 31 October IE School of Global and Public Affairs Dean Manuel Muñiz and ICC Secretary-General John W. H. Denton AO signed the agreement, according to which both institutions will cooperate in areas of mutual interest which may include education, applied research and training. The ICC Academy, the educational arm of the International Chamber of Commerce (ICC), will be part of the Academic Committee of the Executive Master in Internationalization and Trade (EMIT), supporting IE in designing and rolling out the degree.
We are now just 2 weeks away from Going Global Live, and we’re counting the days before we get the opportunity to meet at the London ExCeL on the 27th & 28th!
Our CEO, Lisa McAuley has put the finishing touches to her informative seminar on Powering UK business to grow internationally post-Brexit with new online international business tools that she will be presenting on the 28th November at 11am. Make sure you’re there to hear it!