APEC improving standards and regulations

The Asia-Pacific Economic Cooperation (APEC) is a regional economic forum that aims to create greater prosperity for the people of the region by promoting balanced, inclusive, sustainable, innovative and secure growth and by accelerating regional economic integration.

Australia is actively engaged in APEC. We lead and support initiatives that improve data and transparency, promote standards and regulations that facilitate trade and investment, and build capacity in the region.

Key initiatives that can benefit Australian services exporters include:

A contribution of A$2 million to promote services competitiveness among APEC economies
Championing of a APEC Digital Economy Steering Group to support digital governance among APEC economies
Establishment of an APEC Digital Innovation Sub-fund – with a co-contribution of $550,000; and
Chairing the services working group of APEC, including supporting APEC’s services liberalisation agenda and APEC work on services trade restrictiveness.

During COVID-19, Australia is taking forward seven COVID-19 focused capacity building projects in APEC. These projects will strengthen supply chain resilience, cross-border trade in services, support for women entrepreneurs and women-led businesses, and transparency through WTO notification of emergency measures.

Actions

1.1A

Government

Pursue high-quality digital trade liberalisation and facilitation rules

In progress

1.1C

Government

Continue to promote and support regulatory cooperation frameworks for trade in financial services

In progress

1.2A

Government

Support Australian participation in the development of international standards

In progress

1.2B

Government

Promote international regulatory cooperation and coherence

In progress

1.2C

Government

Support capacity building projects in the Indo-Pacific

In progress

The Australia-Singapore Digital Economy Agreement

To help ensure Australian businesses and consumers can continue to benefit from growing digital trade opportunities, on 6 August 2020, the Minister for Trade, Tourism and Investment, Simon Birmingham, and Singapore’s Minister for Trade and Industry, Chan Chun Sing, digitally signed the Australia-Singapore Digital Economy Agreement (DEA).

Sounds Australia growing the digital footprint of Australian music

Music listening is becoming a digital-first experience, with 89 per cent of people using on-demand streaming services like Apple Music and Spotify to listen to music. Editorial playlists, often curated by the music streaming services themselves, are increasingly influencing which songs become global hits. As are podcasts and new social and content sharing applications like TikTok.

Amid these trends, Sounds Australia is developing new strategies to ensure Australian artists are in the global spotlight.