Galt Global Review

QFS 360

February 25, 2004
business digest


Australian Roundup
by Esme Friesen

headlines:
Australian and European scientists join forces to fight disease
Free Trade Agreement with the United States
The US buys Australia, one gift at a time


Australian and European scientists join forces to fight disease
Under an Australian Government research grant, Australian and European scientists will join forces to try to develop new treatments for prostate cancer and diseases such as type1 diabetes, multiple sclerosis and rheumatoid arthritis.

The Australian-European Union Collaborative Grants Program provides additional money to Australian researchers that are already part of a team that has been given funding from the European Union under its Sixth Framework Programme.

Because the selection process is peer reviewed it is extremely competitive and the grants are highly sought after. Researchers that have been selected to work on these projects are considered among the best in their field.

Dr Hamish Scott from the Walter and Eliza Hall Institute of Medical Research will receive $995,640 over five years to develop a treatment for autoimmune diseases, such as type1 diabetes, multiple sclerosis and rheumatoid arthritis.

Dr. Miles Prince from the Peter MacCallum Cancer Centre will receive AUD$180,923 over two years to join French, Italian, Austrian and German researchers to develop and test a new cell-based vaccine for prostate cancer.

Free Trade Agreement with the United States
Trade Minister Mark Vaile has agreed on the text for the Australia-United States Free Trade Agreement with his US counterpart, Trade Representative Bob Zoellick, this month.

" The Agreement represents the culmination of months of effort, and is a great example of government working with industry to deliver real results for Australians." Mr Vaile said after a final negotiating session in Washington DC lasting more than two weeks.

The Agreement aims to provide greater access to the US market for Australian exporter of most manufactured goods and provides for enhanced legal protection to guarentee market access and non-discriminatory treatment of Australian service providers in the US market.

Importantly, the Aggreement has ensured critical elements of Australian public policy have not been compromised. Elements such as Australian health and environment policies, the Pharmaceutical Benefits Scheme – specifically the price and listing arrangements that ensure Australian’s access to affordable medication, and policies ensuring local content in Australian broadcasting and audiovisual services, including new media formats.

"The FTA between Australia and the United States is overwhelmingly in the Australian national interest," Mr Vaile said. "This deal will further integrate the Australian economy with the largest and most dynamic economy in the world, delivering lasting benefits for generations of Australians."

The US buys Australia, one gift at a time
A massive retail outlet inside a giant aquarium complex in the United States modelled on the Northern Territory’s Umbrawarra Gorge will soon be selling a wide range of Australian arts, crafts and giftware.

Austrade’s Washington-based Senior Trade Commissioner Geoff Gray, currently looking for items for the retail store inside the National Aquarium in Baltimore, said the exhibit would bring a slice of Australia to the US.

Inside this Aquarium complex is a massive 5,000 square foot shop space. The centrepiece will feature Australia’s indigenous arts as well as a wide variety of crafts and gift items.

“As part of efforts to promote Australian trade in the US, Austrade has partnered with the Aquarium’s retail buying team who are in Australia looking to include items in the new shop space,” said Gray.

The Aquarium buyers will be looking to stock items such as authentic indigenous arts and crafts, cottage industry products, Australian musical instruments, music by artists performing Australian music (indigenous or Anglo) etc.

This visit will allow Australians to vie for a chance to have their products featured in the Aquarium’s retail stores which attracts 320,000 visitors each year. When the Australian exhibit opens later this year, the percentage of sales is expected to increase a minimum of 25 per cent or to 500,000 customers. The increase in revenue is estimated to total $6 million in overall sales.