TRADE UPDATE – 5TH JULY 2024: GLOBAL TRADE SHOWS MODEST GROWTH, AUSTRALIA PRESSES AHEAD WITH SHEEP BAN, NEW ZEALAND MOVES TO LIFT SHEEP BAN and many more…
Weekly trade review provided by Chatto Creek Advisory Pty.
Chatto Creek Advisory Pty Ltd is a Melbourne-based strategic consultancy specialising in trade policy advice and government engagement strategy. It is headed by Russell Scoular, an executive with rich government relations, trade policy, and business experience throughout the Asia Pacific.
GLOBAL TRADE SHOWS MODEST GROWTH: The World Trade Organization has reported that global goods trade grew by 1% in the first quarter of 2024 compared to the previous quarter. Trade in the period was 1.4% higher than a year earlier. Europe bucked the trend with its trade continuing to fall.
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AUSTRALIA PRESSES AHEAD WITH SHEEP BAN: The Senate has this week passed legislation banning live sheep exports by sea from May 2028. Farmers have continued to strongly oppose the ban with the National Farmers’ Federation claiming farming communities had been sold out for political gain.
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NEW ZEALAND MOVES TO LIFT SHEEP BAN: Meanwhile, New Zealand is progressing to lift its ban on live sheep exports by sea. Associate Agriculture Minister Hoggard expects public consultation to begin in September. Exports would resume once strengthened welfare standards were developed and in place.
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SOUTH KOREA HOSTS 4TH ROUND WITH EU: Negotiators from South Korea and the European Union met in Seoul this week for a 4 th negotiating round for a digital trade agreement. Each side was represented by more than 30 negotiators. Negotiations for a digital agreement were first launched in 2022.
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NEW ZEALAND CONCLUDES NEW GREEN AGREEMENT: NZ has concluded negotiations with Switzerland, Costa Rica and Iceland for a climate change, trade and sustainability agreement. It will include the removal of tariffs on a range of environmental goods. It is expected more economies will join the agreement.
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US URGES INDIA TO DELAY CERTIFICATES: The US has urged India to delay by 6 months or more a trade requirement that imports of dairy, pork and seafood be accompanied by health certificates. It raised the issue at the WTO during the week and thanked Australia, EU and Japan for also raising concerns.
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AUSTRALIA LAUNCHES CONTINUATION INQUIRY: The Anti-Dumping Commission has begun an inquiry into whether to continue anti-dumping duties on silicon metal imported from China. The duties were first imposed in 2015, extended in 2020 and are currently due to expire on June 2025.
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INDIA LAUNCHES NEW ANTI-DUMPING INQUIRIES: India has launched a range of new anti-dumping inquiries. The latest inquiries include liquid epoxy resins from China, Saudi Arabia, South Korea, Taiwan and Thailand, glass fibre from China and Thailand and thiram from the European Union.
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US APPOINTS NEW ASIAN TRADE COMPLIANCE BOSS: US Trade Representative Tai has announced that Danielle Fumugalli will serve for 120 days as Acting Assistant US Trade Representative for Japan, South Korea and APEC. A focus of the role is ensuring compliance with a range of trade agreements.
